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Business Math

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What is the annual percentage yield of a $10,000 investment for 1 year at 12% interest compounded monthly? (Round APY to the nearest hundredth.)

  • Business Math -

    amount = 10000(1 + .12/12)^12 = 11268.25

    so interest earned = 1268.25
    rate of return = 1268.25/10000 = .1268 or appr 12.68%

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