Effective annual rate is called the annual percentage yield

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You deposited 10,000 into an account at your bank and left it for 10 years. During the first 5 years, the bank paid an APR of 6%, compounded monthly. During the second 5 years, the bank paid an APR of 12%, also compounded monthly. What Internal Rate of Return did you earn across the 10 years, expressed as an effective annual rate? (Recall that the effective annual rate is also called the Annual Percentage Yield, or APY.

Reference no: EM131199175

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