Find effective rate (APY). (Round your answer to the nearest hundredth percent.) $5,000 Interest rate 10% Compounde...

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Find effective rate (APY). (Round your answer to the nearest hundredth percent.) $5,000 Interest rate 10% Compounded Semiannu

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Answer 1

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2 Effective interest rate (E) is by :- given Т) biben Namenal rate = 10.). ( 2 Componhando Prequency Ca 2 (for semiannually) so; E(1+09 ) 2-1 - = (105) 2-1 I-02-1 - = 0.102 10.2.1. TE

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