megansueholliday megansueholliday

22-02-2024
Mathematics

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Find the APY of 4% APR, compounded monthly.

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jsimpson11000 jsimpson11000

22-02-2024

Step-by-step explanation:

MONTHLY decimal interest = .04/12

Periods 12

APY = ( 1+ .04/12)^12 -1 = .0407 or 4.07 %

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