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fredd [130]
3 years ago
8

If the APR of a savings account is 1.9% and interest is compounded semiannually, what is the approximate APY of the account

Mathematics
2 answers:
kap26 [50]3 years ago
7 0

Answer:

C. 1.9090%

Step-by-step explanation:

We have been given that the APR of a savings account is 1.9% and interest is compounded semiannually. We are asked to find the APY of the account.

To solve our given problem, we will use APY formula.

APY=(1+\frac{r}{n})^n-1, where,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year.

Let us convert our given rate in decimal form.

1.9\%=\frac{1.9}{100}=0.019

Upon substituting r=0.019 and n=2 in APY formula we will get,

APY=(1+\frac{0.019}{2})^2-1

APY=(1+0.0095)^2-1

APY=(1.0095)^2-1

APY=1.01909025-1

APY=0.01909025

Since APY is in decimal form, so we will multiply APY by 100 to get as percentage.

APY=0.01909025\times 100

APY=1.909025\%\approx 1.9090\%

Therefore, the the approximate APY of the account 1.9090% and option C is the correct choice.

Arte-miy333 [17]3 years ago
5 0
C. 1.9090%.......just did it on apex
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