Suppose a savings and loan pays a nominal rate of 4.7% on savings deposits. Find the effective annual yield if interest is compounded daily. Assume that the year is not a leap year. The effective annual yield is %. (Type an integer or a decimal rounded to the nearest thousandth as needed.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Suppose a savings and loan pays a nominal rate of 4.7% on savings deposits. Find the effective annual yield if interest is compounded daily. Assume that the year is not a leap year.
The effective annual yield is
%.
(Type an integer or a decimal rounded to the nearest thousandth as needed.)
Transcribed Image Text:Suppose a savings and loan pays a nominal rate of 4.7% on savings deposits. Find the effective annual yield if interest is compounded daily. Assume that the year is not a leap year. The effective annual yield is %. (Type an integer or a decimal rounded to the nearest thousandth as needed.)
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