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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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This note was uploaded on 09/08/2010 for the course MATH 70 at San Jose State University .