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OpenStudy (leozap1):
Fan & medal... If an APR is 17.85% compounded quarterly, what is the APY?
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OpenStudy (anonymous):
\[APY=(1+\frac{ APR }{m })^m - 1\]
OpenStudy (anonymous):
Where m is the compounding period, quarterly should be m = 4.
OpenStudy (leozap1):
So APY = (1+ 17.85/4)^4 -1
OpenStudy (anonymous):
Yea, seems right.
OpenStudy (leozap1):
That gave me 889.36.
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OpenStudy (anonymous):
Try .1785
OpenStudy (leozap1):
I got 0.19080777 that time. So is that 19.08%?
OpenStudy (anonymous):
Yea think so
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