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The APR of Vinny's savings account is 3.5%, but interest is compounded only once a year. What is the APY of Vinny's savings account? A. Greater than 3.5% B. Greater than 1% but less than 3.5% C. 1% D. 3.5%
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@perl
i think they are the same
APR = APY if you only compound once a year
here is a formula you can use
ok thanks @perl
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