If the apr of a saving account is 4.8% and interest is compounded monthly what is the approximately apy of the account?

APY = (1 + i/n)^n - 1

where i is the interest rate (4.8%) written as 0.048

n is the number of periods it is paid (12)

So we get (1 + 0.048/12)^12 - 1

= (1 + 0.004)^12 -1

= (1.004^12) - 1

= 1.04907 - 1

= 0.04907

So the answer is B. 4.91%

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this is not a question

the diameter is 16 cm. are you a teacher?

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