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Suppose a savings and loan pays a nominal rate of 3.1​% on savings deposits. Find the effective annual yield if interest is compounded annually. Question content area bottom Par…

Suppose a savings and loan pays a nominal rate of 3.1​% on savings deposits. Find the effective annual yield if interest is compounded annually. Question content area bottom Par…
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Suppose a savings and loan pays a nominal rate of 3.1​% on savings deposits. Find the effective annual yield if interest is compounded annually.

Question content area bottom
Part 1
The effective annual yield is enter your response here​%.
​(Type an integer or a decimal rounded to the nearest thousandth as​ needed.)

asked
User Amo Robb
by
7.4k points

1 Answer

3 votes

The effective annual yield is approximately 3.164%.

answered
User Belder
by
7.9k points
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