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When a CD quotes a rate of 3.45%, for example, is that the APY or the
annual rate to be compounded or "it depends"?
My broker asserts that "no CD compounds interest". But I wonder if he
means: no CD that his brokerage offers.
I coulda sworn that CDs that I have purchased at banks do compound
interest. And I coulda sworn that the quoted rate was either the APY
or the annual rate compounded at a specified frequency (e.g. daily).
In other words, "it depends".
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Short-term Fund purchasing advice...
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