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3 years ago

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Suppose John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is

3.5%. He makes no withdrawals or deposits. What is his APY to the nearest hundredth of a percent after 1 year?

1 answer:

Fed [463]3 years ago

4 0

$\bf \qquad \qquad \textit{Annual Yield Formula}
\\\\
\left. \qquad \qquad \right.\left(1+\frac{r}{n}\right)^{n}-1
\\\\
\begin{cases}
r=rate\to 3.5\%\to \frac{3.5}{100}\to &0.035\\
n=
\begin{array}{llll}
\textit{times it compounds per year}
\end{array}\to &365
\end{cases}
\\\\\\
\left(1+\frac{0.035}{365}\right)^{365}-1$

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Step-by-step explanation:

We are given the following information in the question:

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Step-by-step explanation:

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