document.write( "Question 1169394: Assume that an 18-month CD purchased for $11,000 pays an APR of 6% compounded monthly. What is the APY? (Round your answer to two decimal places.)
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Algebra.Com's Answer #794086 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "Under given conditions,\r\n" );
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document.write( "   APY =  = 0.0617 as a decimal,  or  6.17%  as a percentage.\r\n" );
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document.write( "It is the effective annual percentage rate, taking compounding in account.  \r\n" );
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document.write( "It is DIFFERENT from the nominal annual percentage, which is 6% in this case.\r\n" );
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