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cricket20 [7]
1 year ago
12

Find the annual percentage yield (APY) in the following situation.A bank offers an APR of 4.51% compounded monthlyThe annual per

centage yield is?(Do not round until the final answer. Then round to two decimal places as needed.)
Mathematics
1 answer:
uranmaximum [27]1 year ago
3 0

Given the question in the question tab, we can get the annual percentage yield by following these steps:

Step 1:

\begin{gathered} \text{Let P=\$1},\text{ then we have} \\ A=1\times(1+\frac{0.0451}{12})^{12\times1} \\ A=1.046044033 \end{gathered}

So the annual percentage yield becomes

APY=\frac{1.046044033-1}{1}=0.04604403302

Since APY is given in percentage, we convert to percentage, i.e,

\begin{gathered} 0.04604403302\times100 \\ =4.604403302\text{ percent} \end{gathered}

Hence, annual percentage yield is 4.60 percent to two decimal places.

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