Register
Phil Nelson deposited $35,000 at Wachovia Bank at 3.5% interest compounded quarterly. What is the APY to the nearest hundredth percent?
27.9k views
2 votes
Phil Nelson deposited $35,000 at Wachovia Bank at 3.5% interest compounded quarterly. What is the APY to the nearest hundredth percent?

User Achuth Varghese
by
6.8k points

1 Answer

3 votes

Answer:

APY=1.004%

Explanation:

Kindly check attached picture for calculation

Phil Nelson deposited $35,000 at Wachovia Bank at 3.5% interest compounded quarterly-example-1
User Amsheer
by
7.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

7.7m questions

10.3m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!