Washington Hilton
04/30/2023 · Elementary School
Principal: \( \$ 17,200 \) Interest rate: \( 6 \% \) Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Use the Table provided.) Note: Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.
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The effective annual rate (APY) of interest for 1 year is approximately 6.14%.
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