BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
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Christina Stratton invested $8, 000 in a certificate of deposit for 4 years. The certificate earns interest at an annual rate of 8.25 percent compounded quarterly. The amount per $1.00 is 1.085088. What is the effective annual yield?
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3.630%
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7.032%
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8.509%
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2.143%
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Explanation:
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