Question

If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account

Answer 1

0.0273 = 2.7%

Step-by-step explanation:

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

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

= 0.0273 = 2.73%

Answer 2

2.7275%

Step-by-step explanation:

Source(s): Dude trust me