Ms. Santoro is opening a one-year CD for $16,000. The interest is compounded daily. She is told by the bank representative that the an percentage rate (APR) is 1.8%. What is the annual percentage yield (APY) for this account? Round off your answer to the nearest hundredth.

Question

04-10-2022
Mathematics

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Ms. Santoro is opening a one-year CD for $16,000. The interest is compounded daily. She is told by the bank representative that the an percentage rate (APR) is 1.8%. What is the annual percentage yield (APY) for this account? Round off your answer to the nearest hundredth.

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