Find the Annual Percentage Yield (APY) $3.25 \%$ Compounded Quarterly $3.25 \%$

question 115

Multiple Choice

Find the annual percentage yield (APY) .
-A bank offers an APR of $3.25 \%$ compounded quarterly.

• A) \(3.25 \%\)
• B) \(3.29 \%\)
• C) \(6.58 \%\)
• D) \(1.63 \%\)

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Definitions:

Effective

In force or operational; commonly refers to the date on which a law, regulation, or agreement is applied or becomes operational.

Secured

Pertaining to a loan or obligation that is backed by collateral to reduce the risk of lending.

Security Interest

A legal claim or liens on property as collateral for the payment of a debt or performance of some other obligation.

Personal Property

Movable assets or belongings, excluding real estate and buildings, owned by an individual or entity.