The annual effective yield on her investment is 7.81%
What is annual effective yield?
Annual effective yield can be described as the profit that is accumulated from a particular business or investment
Write out the parameters
The initial amount that was invested is $320
The amount she had at the end of the year is $345
The calculation can be done as follows;
final amount-initial amount/initial amount × 100
= 345-320/320 × 100
= 25/320 × 100
= 0.0781 × 100
= 7.81%
Hence the annual effective yield of penny investment is 7.81%
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