What is the effective annual yield of 8% compounded monthly? Answer in the percent format. Round...
What is the effective annual yield of 8% compounded monthly? Answer in the percent format. Round to the nearest hundredth percent. Do not include any unity (If your answer is 4.36%, then enter 4.36 as your answer without % sign).
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Homework Answers
EAY=(1+APR/m)^m-1
where m=compounding periods
=(1+0.08/12)^12-1
which is equal to
=8.30
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What is the effective annual yield of 8% compounded monthly?
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