Final answer:
The exact annual percentage yield (APY) for a money market account cannot be determined without specific details on the account's interest rate and compounding frequency. The options given (A. 1.52%, B. 2.04%, C. 3.01%, and D. 4.63%) cannot be verified as correct without additional information.
Step-by-step explanation:
To determine the annual percentage yield (APY) for a money market account, we need to have information about the interest rate of the account and the frequency of compounding. Based on the information provided that interest rates on savings accounts are typically a bit lower than the CD (Certificate of Deposit) rate, and assuming this question relates to comparing those CD rates to find the closest equivalent APY for the money market account, the APY could be estimated.
However, since the actual question does not provide specific interest rates for the money market account nor does it give details about the compounding frequency, we are unable to calculate or choose the exact APY from the given options of A. 1.52%, B. 2.04%, C. 3.01%, or D. 4.63%. If the student provided the nominal interest rate and compounding frequency, we could then use the APY formula to calculate the exact yield.
For reference, if we had a nominal interest rate (r) and it was compounded (n) times per year, the formula to calculate APY would be:
APY = (1 + r/n)^n - 1