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You noticed on the listed APRs on the Bank of America document that there is also an APY listed. APY, Annual Percentage Yield, is the

You noticed on the listed APRs on the Bank of America document that there is also an APY listed. APY,

Annual Percentage Yield, is the equivalent simple interest rate you would need to earn the same interest

amount without compounding.

The APY on the

7 -

month CD is

5.00 % .

Find the simple interest earned on $

1, 000

7

months. Is it

the same as the compound?

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