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OpenStudy (anonymous):
if then APR of an savings account is 7.2% and is compounded monthly what is the approximate APY of the account
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OpenStudy (anonymous):
APY=(1+p)^(n)-1
OpenStudy (anonymous):
\[\left(1+\frac{.072}{12}\right)^{12}-1\]
OpenStudy (anonymous):
p= 0.072/12 n=1
OpenStudy (anonymous):
not getting the right answer the choices are A.1.07% B.7.44% C.10.74% D.6%
OpenStudy (anonymous):
will it be 7.44?
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OpenStudy (anonymous):
seems reasonable http://www.wolframalpha.com/input/?i=%281%2B.072%2F12%29^%2812%29-1
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