Jim Ryan deposited $8,000 at National Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round to the nearest hundredth percent.)

Name: Jim Ryan deposited $8,000 at National Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round to the nearest hundredth percent.)
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11eb6926_6e9b_5825_bb3a_cfd2b3ec8e33_TB8249_00 11eb6926_6e9b_5826_bb3a_71b32438e1b6_TB8249_00 $8,000 × 1.0614 = $8,491.20; $8,491.20 - $8,000 = $491.20; $491.20/$8,000 = 6.14%.

Jim Ryan Deposited $8,000 at National Bank at 6% Interest