Question

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%

Answer 1

@perl

Answer 2

i think they are the same

Answer 3

APR = APY if you only compound once a year

Answer 4

here is a formula you can use

Answer 5

ok thanks @perl