Register
If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account
98.3k views
0 votes
If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account

User Leanan
by
6.0k points

2 Answers

2 votes

Answer:

0.0273 = 2.7%

Step-by-step explanation:

APY = (1 + r/m)^m - 1

= (1 + 0.027/4)^4 - 1

= 0.0273 = 2.73%

User Rajdeep
by
5.5k points
4 votes

Answer:

2.7275%

Step-by-step explanation:

Source(s): Dude trust me

User Vasily Liaskovsky
by
5.6k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.6m answers

Other Questions

One reason that businesses want to combine with other businesses is to A. avoid taxes. B. delay expenses. C. hire more workers. D. reduce expenses.
Which of the following possesses the sole power to create revenue bills?
A ______ is "the basic interpretive mechanism to let people know what an organization is doing and are sent out to editors and reporters in hopes of stimulating favorable stories about their organizations"
Individuals are free to produce and sell whatever products they wish
Why do objects used as money need to be in limited supply
Link Copied!