compute the annual yeild for the following account. Benford Falls Savings and Loan offers a savings account with 6.23% interest compounded quarterly. Show all your work.

Question

you need to show the original formula. the formual with values inclueded, the entire calculated value and rounded answer.

Answer 1

Since no amount of money is specified, the yield will be percentage growth after 12 months.

6.23% annually is 6.23/4%=1.5575%=0.015575 quarterly.

The growth rate after 4 quarters is 1015575⁴=1.06377 approx, that is, 6.38%.