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

Phil Nelson deposited $35,000 at Wachovia Bank at 3.5% interest compounded quarterly. What is the APY to the nearest hundredth percent?
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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
7.9k 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
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