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

Question

0

993

1

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

Guest · Answer 1 · 2018-10-18T12:52:53

[1 + 0.0262/12]^12 =

[1 + 0.00218333]^12 =

[1.00218333]^12 =

1.0265 - 1 x 100 =2.65% APY.

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