Questions 11-15 all refer to the following
situation: The First Ojai National Bank advertises a CD that pays
8.2% simple interest for two years. Suppose we were to invest
$1,485 in such a CD.
15. The effective annual yield equivalent to 8.2% simple
interest is:
c. 9.1%
Nope,
this question
is testing your understanding of the definition
of "effective annual yield." Similar to question #8.
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