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What is the effective annual yield of given compounded daily

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Fred makes a deposit of £12,000 in a bank account. The deposit is to earn interest annually at the rate of 9% for seven years. In comparing the respective effective annual yields for Annually, Semi Annually, Quarterly and Daily Compounded interest Daily Compounded is obviously the highest - what is the Effective Annual Yield of the above Compounded Daily (365) (hint, consider the value of each deposit after one year only using FV Formula) ?

Reference no: EM13882498

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