Bianca's bank offers a savings account with a 2.1% APR, compounded monthly. What is the actual annual percentage yield on this a

Question

mixer [17]

3 years ago

5

Bianca's bank offers a savings account with a 2.1% APR, compounded monthly. What is the actual annual percentage yield on this a

ccount?
A. 2.19%
B. 2.17%
C. 2.12%
D. 2.15%

Mathematics

2 answers:

katen-ka-za [31] · Answer 1 · 2022-01-19T18:23:22+03:00

Bianca's bank offers a savings account with a 2.1% APR, compounded monthly. The the actual annual percentage yield on this account can be calculated using i = (1+ r/m)^m, where i is the actual APR, r is the nominal interest rate and m the compounding period in a year. APR is equal to 2.12%

kvv77 [185] · Answer 2 · 2022-01-19T20:50:33+03:00

kvv77 [185]3 years ago

6 0

Answer would be 2.12% :)