Ms. Santoro is opening a one-year CD for $16,000. The interest is compounded daily. She is told by the bank representative that

Question

Ms. Santoro is opening a one-year CD for $16,000. The interest is compounded daily. She is told by the bank representative that the annual percentage rate (APR) is 4.8%. What is the annual percentage yield (APY) for this account?

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