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Months with the same apr

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Reference no: EM132286314

Assume that an 18-month CD purchased for $11,000 pays an APR of 3% compounded monthly. What is the APY? (Round your answer to two decimal places.)

%

Would the APY change if the investment were $7000 for 30 months with the same APR and with monthly compounding?

Yes, the APY changes if the investment is $7000 for 30 months with the same APR.

OR

No, the APY does not change if the investment is $7000 for 30 months with the same APR.?

Reference no: EM132286314

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