Terrance buys a car for 23,000. The car depricates in value 3% per year. Write an exponential funtuon to model the value of the
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Answer:
The APY of the saving account is 4.0474%
Step-by-step explanation:
We know the formula for APY which is given by
here, r= interset rate = 3.9742% = 0.039742
n = compounding cycles = 12
On plugging these values in the above formula, we get
On simplifying this we get
APY =0.04047395=4.0474%