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A bank quotes certificate of deposit (CD) yields both as annual percentage rates (APR) without compounding and as annual percentage yields (APY) that include the effects of monthly compounding. A $100,000 CD will pay $110,471.31 at the end of the year. Calculate the APR and APY the bank is quoting.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9283090

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