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

Question

asked Apr 3, 2024 210k views

1 Answer

MrApnea · Answer 1 · 2024-04-09T17:57:58+0000

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.