Solve the problem.
-You have a choice of two accounts in which to invest your money for one year. Account A pays 4.6% simple interest rate and account B pays 3.5% interest compounded daily. Compute the Effective annual yield of account B and determine which account has the better rate. (Assume that There are 360 days in a year.)
A) There is not enough information to decide.
B) The rates are the same.
C) Account B
D) Account A

Question

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The Answer of Solve the problem.
-You have a choice of two accounts in which to invest your money for one year. Account A pays 4.6% simple interest rate and account B pays 3.5% interest compounded daily. Compute the Effective annual yield of account B and determine which account has the better rate. (Assume that There are 360 days in a year.)
A) There is not enough information to decide.
B) The rates are the same.
C) Account B
D) Account A

Solve the Problem. -You Have a Choice of Two Accounts in Which to in Which