Troy deposits $8000. Determine the APY if there is an APR of 4.5% compounded semiannually. Round your answer to the nearest hundredth of a percent, if necessary.
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APY (Annual Percentage Yield) is a percentage that tells you how much you will earn or owe over a year. APY includes compound interest, which is interest paid on both the initial amount of money and the interest it has already earned. APR (Annual Percentage Show more…
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