the apr of vinny's savings account is 3.5% , but interest is compounded only once a year. what is the apy of vinny's saving acco
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Consider the complete question is "A store has two different sizes of ice cream on sale this week. The smaller container costs $3.87 for 48 ounces. The larger container costs $6.42 for 128 ounces. which ice cream costs less per ounce?"
Given:
The smaller container costs $3.87 for 48 ounces.
The larger container costs $6.42 for 128 ounces.
To find:
Which ice cream costs less per ounce?
Solution:
We know that
Using this formula, we get
Per ounce cost of small container
Per ounce cost of larger container
Since, 0.08 > 0.05 therefore, the per ounce cost of larger container is less.