Question

Question What is the effective annual yield for an account paying 7% interest compounded monthly? Round your answer to two decimal places.​

Answer 1

See below

Explanation:

NOT SURE WHY MY PREVIOUS ANSWER GOT DELETED

(1 + .07/12)^12 = 1.07229 WHICH IS 7.229 % a.p.y.

( same answer....less detail)