A passbook savings account has a rate of 10%. Find the effective annual yield, rounded to the nearest tenth of a percent, if the interest is compounded semiannually. i Click the icon to view some...

Extracted text: A passbook savings account has a rate of 10%. Find the effective annual yield, rounded to the nearest tenth of a percent, if the interest is compounded semiannually. i Click the icon to view some finance formulas. ..... The effective annual yield is %. (Round to the nearest tenth as needed.) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. nt A A= P = A =Pert Y = - 1 nt 1+