Instructor-created question
Bank One offered a 19-year certificate of deposit (CD) at 4.81% interest compounded quarterly. On the same day on the Internet, First Bank offered a 19-year CD at 4.8% compounded monthly. Find the APY for each CD. Which bank paid a higher APY?
The APY for the CD at Bank One is ____%.
(Type an integer or decimal rounded to three decimal places as needed.)
The APY for the CD at First Bank is ____%.
(Type an integer or decimal rounded to three decimal places as needed.)
Which bank paid a higher APY?
A. First Bank
B. Bank One