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alexandr1967 [171]
3 years ago
13

A bank advertises an interest rate of 4% per year, compounded monthly

Mathematics
1 answer:
Darina [25.2K]3 years ago
4 0

Given :

Interest rate , r = 4 %.

To Find :

The APY .

Solution :

APY is given by :

APY=(1+\dfrac{r}{n})^n-1

Here , r is compound interest and n is number of time compounded .

So ,

APY=(1+\dfrac{r}{n})^n-1\\\\APY=(1+\dfrac{4}{12})^{12}-1\\\\APY=30.57\%

Therefore , APY is 30.57 % .

Hence , this is the required solution .

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