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Of the APR of a savings account is 7.8% and interest in compounded monthly, what is the approximate APY of the account?

Of the APR of a savings account is 7.8% and interest in compounded monthly, what is the approximate APY of the account?
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Of the APR of a savings account is 7.8% and interest in compounded monthly, what is the approximate APY of the account?

User RufusVS
by
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2 Answers

2 votes

Answer:

8.08%

Explanation:

a.p.e.x

User Trevor Freeman
by
7.9k points
5 votes
APY=(1+r/k)^(k)-1

APY=(1+0.078÷12)^(12)−1
=0.0808×100
=8.08%
User Martin Osusky
by
8.3k points
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