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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?
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Aug 3, 2018
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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?
Mathematics
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RufusVS
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Answer:
8.08%
Explanation:
a.p.e.x
Trevor Freeman
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Aug 6, 2018
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Trevor Freeman
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APY=(1+r/k)^(k)-1
APY=(1+0.078÷12)^(12)−1
=0.0808×100
=8.08%
Martin Osusky
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Aug 8, 2018
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Martin Osusky
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