SOLUTION: after martha tumble began her job as an editor, she invested in a money market account paying 4.3% interest compounded daily (n=360). What was the effective annual yeild of this a

SOLUTION: after martha tumble began her job as an editor, she invested in a money market account paying 4.3% interest compounded daily (n=360). What was the effective annual yeild of this a

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Question 138381: after martha tumble began her job as an editor, she invested in a money market account paying 4.3% interest compounded daily (n=360). What was the effective annual yeild of this account?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
(1+.043/360)^360
(1+.0001194)^360
1.0001194^360
1.0439 or the annual yield would be 4.39%.
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