You deposit $9000 into an account that pays 4.5 % interest, compounded quarterly. Find the annual percentage yield (APY) for the account. Round your answer to the nearest hundredth of a percent. APY =
Added by Jason E.
Step 1
First, we need to find the quarterly interest rate. Since the annual interest rate is 4.5%, we can divide this by 4 to find the quarterly interest rate: Quarterly interest rate = (4.5% / 4) = 1.125% Show more…
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