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Find the annual percentage yield​ (APY) in the following situation.

A bank offers an APR of

2.62​%

compounded monthly.The annual percentage yield is

​%.

Guest Oct 18, 2018
edited by Guest  Oct 18, 2018
edited by Guest  Oct 18, 2018
 #1
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[1 + 0.0262/12]^12 =

[1 +  0.00218333]^12 =

[1.00218333]^12 =

1.0265 - 1 x 100 =2.65% APY.

Guest Oct 18, 2018

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