What is the APY for an account that has an annual interest rate of 4.9% and is compounded daily (n=365)? In the image. Round your answer to the hundredth of a percent.

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter6: Polynomials
Section6.7: Integer Exponents And Scientific Notation
Problem 6.190TI: Simplify: (a) 11q1 (b) (11q)1 (c) (11q)1 (c) (11q)1 .
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What is the APY for an account that has an annual interest rate of 4.9% and is compounded daily (n=365)? In the image. Round your answer to the hundredth of a percent.
APY = (1 + — ) ² - 1
Transcribed Image Text:APY = (1 + — ) ² - 1
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