An account has a rate of 3.8%. Find the effective annual yield if the interest is compounded semiannually. The effective annual yield is ◻%. (Round to the nearest hundredth as needed.)

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Identify Given Data: Identify the given annual nominal interest rate and the number of compounding periods per year. We have: Nominal annual interest rate (r): 3.8% or 0.038 (as a decimal) Number of compounding periods per year (n): 2 (since the interest is compounded semiannually) We need to calculate the effective annual yield (EAY).Use EAY Formula: Use the formula for the effective annual yield when interest is compounded more than once per year. The formula for EAY is: EAY = (1 + r/n)^(n) - 1 Where r is the nominal annual interest rate and n is the number of compounding periods per year.Calculate EAY: Plug the values into the formula to calculate the effective annual yield. EAY = (1 + 0.038/2)^(2) - 1 = (1 + 0.019)^(2) - 1 = (1.019)^(2) - 1 = 1.019 * 1.019 - 1 = 1.038361 - 1 = 0.038361Convert to Percentage: Convert the effective annual yield from decimal form to percentage and round to the nearest hundredth as needed. EAY = 0.038361 * 100% = 3.8361% Rounded to the nearest hundredth, the EAY is approximately 3.84%.

An account has a rate of $3.8\%$ . Find the effective annual yield if the interest is compounded semiannually. $\newline$ The effective annual yield is $\square\%$ . $\newline$ (Round to the nearest hundredth as needed.)

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An account has a rate of 3.8%3.8\%3.8%. Find the effective annual yield if the interest is compounded semiannually.\newlineThe effective annual yield is □%\square\%□%.\newline(Round to the nearest hundredth as needed.)

An account has a rate of $3.8\%$ . Find the effective annual yield if the interest is compounded semiannually. $\newline$ The effective annual yield is $\square\%$ . $\newline$ (Round to the nearest hundredth as needed.)