AbsoluteGold1 AbsoluteGold1

03-11-2018
Mathematics

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A bank offers an APR of 3.14% on an account that is componded annually. awhat is the annual percentage yield?

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03-11-2018

I think the answer is 3.768

Not entirely sure without more info.

0.314 × 12mo = 3.768

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This is confusing please help