A bank advertises an interest rate of 4% per year, compounded monthly. What is the APY?
The units are percent, but do not enter the % sign. Round 2 decimal places.
Note: if your answer is 5.24%, then enter only 5.24

Given :

A bank advertises an interest rate of 4% per year, compounded monthly.

To Find :

The APY ( Annual Percentage Yield ) .

Solution :

APY is given by :

Here , r is annual interest rate .

n is number of compound period .

Putting these values in above equation :

Therefore , the APY is 30.56% .

Hence , this is the required solution .

answer:   x = 3 + √11     and     x = 3 - √11

step-by-step explanation:

x² - 6x + 9 = 11

(x - 3)² = 11

x - 3 = ±√11

    x = 3 ± √11

x = 3 + √11     and     x = 3 - √11

this is the formula: v = the value of investment at the end of the time period

p = the principal amount (the initial amount invested)

r = the annual interest rate

n = the annual frequency of compounding (how many times a year interest is added)

t = the number of years the money is invested

^ means raise to the power of