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What is the APY% of $5000 at 10.75% compounded monthly
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1 vote
What is the APY% of $5000 at 10.75% compounded monthly

User Zoltan Hernyak
by
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1 Answer

5 votes

Answer: 11.2958% approximately

Work Shown

APY = (1 + APR/n)^n - 1

APY = (1 + 0.1075/12)^12 - 1

APY = 0.112958

APY = 11.2958% approximately

Round this value however needed.

The value $5000 is never used. Your teacher probably put that there as a distraction.

User MrApnea
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7.2k points
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