what is the apy at 15% compouned semianually
APY =[1 + 15/200]^2 = [1 + 0.075]^2 =1.075^2 =1.155625 - 1 x 100 =15.5625%.
I do not know what apy stands for but
The annual effective interest rate is
\((1+0.075)^2-1\\ =1.075^2-1\\ =1.155625-1\\ =0.155625\\ =15.56\%\)
APY =Annual Percentage Yield = Annual Effective Rate.
Thanks guest :)
