Two banks are offering different investment opportunities. Bank A offers an account that pays 5.3879% interest compounded monthly. Bank B offers an account that pays 5.4074% interest compounded quarterly. Determine the APY for each to decide which bank is offering a better investment account. Round your answers to 4 decimal places. Enter your answers with 4 decimal places (using zeros if needed) and don't forget to include a percent sign, %, in your answers. APY for Bank A =  APY for Bank B =

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Two banks are offering different investment opportunities. Bank A offers an account that pays 5.3879% interest compounded monthly. Bank B offers an account that pays 5.4074% interest compounded quarterly. Determine the APY for each to decide which bank is offering a better investment account.

Round your answers to 4 decimal places. Enter your answers with 4 decimal places (using zeros if needed) and don't forget to include a percent sign, %, in your answers.

APY for Bank A = 

APY for Bank B =

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