What is the APY for an account that has an annual interest rate of 3.16% and is compounded daily (n=365)? In the image. Round your answer to the hundredth of a percent. Input only the number. Example 5.36

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
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ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
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Chapter2: Solving Linear Inequalities
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What is the APY for an account that has an annual interest rate of 3.16% and is compounded daily (n=365)?
In the image.

Round your answer to the hundredth of a percent. Input only the number. Example 5.36

n
APY = (1 + =) ₁ -
1
Transcribed Image Text:n APY = (1 + =) ₁ - 1
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