Quiz: Section 7.1-7.3 Quiz nouncements Submit Qu This Quiz: 20 pts possible er/O

Question

Quiz: Section 7.1-7.3 Quiz nouncements Submit Qu This Quiz: 20 pts possible er/October This Question: 1 pt Suppose a savings and leanpays a nominul rate of 17%onsavings deposits Find the efedve annual yieldifinterestiscompounded daly Assume not a leap year at year's The endn atmal yield is (Type an integer or a decimal rounded to the nearest thousandth as needed) at to Work on Nex Sep 2T Section 7 Od 3 Section 7 A ew All Assignmen eicome to MyMath To get started, run B iew How to e your anwer n the answer bo MA

Explanation / Answer

Nominal rate = 1.7%

effective interest = EI

EI = (1 + r/m)^m    -     1

= (1 + 0.017/365)^(365) -   1

= 1.0171449196597436 - 1

= 0.0171449196597436

= 1.714 %

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