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OpenStudy (anonymous):
Calculate the effective rate (APY) of interest for 1 year. The principal is $15,500.00 with an interest rate of 12%. The interest is compounded quarterly.
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OpenStudy (anonymous):
so you can do 15500x1.12 to get your answer
OpenStudy (anonymous):
15,500 represents the principle amount, the 1.12 represents the interest rate
OpenStudy (anonymous):
do you get it now? If you solve the equation, then you will get 17360
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