Abank offers a saving account with 4.5% compounded quarterley. find the apy the bank's savings account offers (round your answer to the three decimal places).

4.577%

Step-by-step explanation:

Here we have to use formula APY =

r= stated annual interest rate

n = number of times compounded

Here r = 4.5% = 0.045

n = 4 because it is calculated quarterly.

Now plug in r =0.045 and b = 4 in the above formula, we get

APY = (1 + 0.045÷4)^4 - 1

= (1 + 0.01125)^4 - 1

= 1.01125^4 - 1

= 1.045765 - 1

= 0.045765

To find the percentage multiply by 100, we get

= 4.577%

Thank you.

i need the options

step-by-step explanation: