The annual percentage yield, or APY, gives the effective interest rate on an investment based on the number of times (n) the interest is compounded in a year, and the interest rate (r) written in decimal form. It has the formula AP Y = 1 +rn 2n - 1. Find the annual percentage yield if the interest rate is 1.2%, compounded quarterly. Write your answer as a percent, rounded to five decimal places.
The annual percentage yield, or APY, gives the effective interest rate on an investment based on the number of times (n) the interest is compounded in a year, and the interest rate (r) written in decimal form. It has the formula AP Y = 1 +rn 2n - 1. Find the annual percentage yield if the interest rate is 1.2%, compounded quarterly. Write your answer as a percent, rounded to five decimal places.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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The annual percentage yield, or APY, gives the effective interest rate on an investment based on the
number of times (n) the interest is compounded in a year, and the interest rate (r) written in decimal
form. It has the formula AP Y = 2 1 + r n En - 1. Find the annual percentage yield if the interest rate is
1.2%, compounded quarterly. Write your answer as a percent, rounded to five decimal places.
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