Question

If the APR of a savings account is 3.6% and interest is compounded monthly, what is the approximate APY of the account?

Answer 1

someone help me pls

Answer 2

APY = \(\large \left(1 + \frac{r}{n}\right)^{n} - 1\)

Answer 3

r = 0.036
n = 12

Answer 4

plug and chug

Answer 5

APY = \(\large \left(1 + \frac{0.036}{12}\right)^{12} - 1\)

Answer 6

use ur calculator

Answer 7

my calculator is a phone so i cant use it is the answer 3.36

Answer 8

http://www.wolframalpha.com/input/?i=%28%281%2B0.036%2F12%29%5E12-1%29*100

Answer 9

APY = \(\color{red}{3.66}\)

Answer 10

oh ok

Answer 11

thank you

Answer 12

u wlc ^_^

Answer 13

Apr is 3.4% intrest compounded semianually no additional deposits or withdraws for an entire year what will the balance of the acount be after all the intrest is paid for a year on a principal balance of $9700

Answer 14

help pls

Answer 15

someone?

Answer 16

use compound interest formula :

\(A = P\left(1 + \dfrac{r}{n}\right)^{nt}\)

Answer 17

ok

Answer 18

still can't get it

Answer 19

figure out the numbers and plugin

Answer 20

wait is it 9733

Answer 21

or is it 9732

Answer 22

is it

Answer 23

no dude
P = 9700
r = 0.034
n = semiannually = 2

Answer 24

\(A = 9700\left(1 + \dfrac{0.034}{2}\right)^{2*1}\)

Answer 25

use wolfram :

http://www.wolframalpha.com/input/?i=9700%281+%2B+0.034%2F2%29%5E%282%29