You are shopping around for different bank accounts and have found several different banking institutions...
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Finance
You are shopping around for different bank accounts and have found several different banking institutions offering different types of interest. Calculate the effective rate of retum (also known as the annual percentage yield (APY)) of each bank account. Hint: rE=(1+r)n1 (Enter your answers as a percentage rounded to 2 decimal places.) (a) Wesbanco offers an account 5.8% interest compounded daily. A.PY = % (b) PNC offers an account with 5.84% interest compounded weekly. APY = 16 (c) United Bank offers an account with 5.87% interest compounded monthly. APY= (d) BB\&T offers an account with 5.95% interest compounded quarterly. APY= \% (e) Navy Federal offers an account with 5.98% interest compounded semi-annually. APY= 6 (f) Assuming our goal is to have the best return, which account should we choose? Wesbanco PNC United Bank BB&T
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