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First National Bank offers two-year CDs at 9.15% compounded daily, and citywide savings offers two-year CDs...

First National Bank offers two-year CDs at 9.15% compounded daily, and citywide savings offers two-year CDs at 9.16% compounded quarterly. Compute the annual yield for each institution. (Round your answer to two decimal places.)
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Answer #1

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EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100
Effective Annual Rate = ((1+9.15/365*100)^365-1)*100
Effective Annual Rate% = 9.58
EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100
Effective Annual Rate = ((1+9.16/4*100)^4-1)*100
Effective Annual Rate% = 9.48
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