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ale4655 [162]
2 years ago
15

If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account

Business
1 answer:
solniwko [45]2 years ago
8 0

Answer:

0.0273 = 2.7%

Explanation:

APY = (1 + r/m)^m - 1

       = (1 + 0.027/4)^4   -  1

       = 0.0273 = 2.73%

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