(Answered) Security national bank is quoting 1-year certificates of

Management Studies

Security National Bank is quoting 1-year certificates of deposit with an interest rate of 12% compounded semiannually. Joe Saver purchased a $5,900 CD.

What is the CD's effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)

Effective rate %

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