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Unformatted text preview: ( APY ) is the simple interest rate that would earn the same amount as a given annual rate for which interest is compounded. 3. A $1,000 CD is purchased from each of the banks in the table shown below. Find the APY’s for each of the banks and compare the CDs. Bank Rate Compounded Advanta 4.93% Monthly DeepGreen 4.95% Daily Charter One 4.97% Quarterly Liberty 4.94% continuously...
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- Annual Percentage Rate, $1, Annual percentage yield, annual interest rate, Advanta DeepGreen Charter