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OpenStudy (chris911):
Calculate the interest rate for an account that is compounded monthly if the APY is 4%. A. 0.333% B. 0.444% C. 3.330% D. 4.440%
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OpenStudy (chris911):
@iPwnBunnies @satellite73
jimthompson5910 (jim_thompson5910):
APY = annual percentage yield to find the monthly interest rate, you divide the annual rate by 12
OpenStudy (chris911):
the closset one im getting is A .333
jimthompson5910 (jim_thompson5910):
That is correct. It's 0.333% roughly
OpenStudy (chris911):
yeah "roughly" lol
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