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ihatemath1232hhftcyc ihatemath1232hhftcyc
  • 15-08-2016
  • Mathematics
Answered

A bank offers an APR of 6.2% compounded daily .

the annual percentage yeild is ___% ?

Verified Answer :

AL2006
AL2006 AL2006
  • 15-08-2016

The annual yield is

                 (1 + 0.062/365)³⁶⁵  =  1.06396

The percentage yield is therefore   6.396% .

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