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Karl invests $35,000 for 8 years in an account paying 7% compounded daily. Find the annual percentage yield (APY) to the nearest hundredth of a percent. * a.9.38% b.12.72% c.10.14% d.11.36%
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Nov 12, 2022
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Karl invests $35,000 for 8 years in an account paying 7% compounded daily. Find
the annual percentage yield (APY) to the nearest hundredth of a percent. *
a.9.38%
b.12.72%
c.10.14%
d.11.36%
Mathematics
high-school
Alan Wells
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Answer:
principal (p)=$35000
time(t)=8years
rate ( r)=7%
Explanation:
compounded amount(c.a)=p((1+r/100)^t )=$35000((1+7/100)^8)=$60136.5
compound interest gain=$60136.5-$35000=$25136.5
Karl gain interest in 1 year=$35000((1+7/100)-1)=$2450
gain % in 1 year=$2450/$25136.5Ă—100%=9.74%
Powderham
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Nov 17, 2022
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Powderham
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