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Find the apy corresponding to the given nominal rate

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Reference no: EM132012093

A bank offers a five-year CD paint an annual rate of 4.69% compounded monthly with a minimum investment of $1000.

a) How much will a cd be worth at maturity if $2500 is invested?

b) Find the APY corresponding to the given nominal rate.

Please show work and answer

Reference no: EM132012093

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