Question

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 APR to the nearest hundredth of a percent after 1 year?

Answer 1

If John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is 3.5% and he makes no withdrawals or deposits his APR after 1 year is 1035