Find what is the cds effective rate

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Reference no: EM131983593

Security National Bank is quoting 1-year certificates of deposit with an interest rate of 4% compounded semiannually. Joe Saver purchased a $5,100 CD.

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

Reference no: EM131983593

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