Ask Question
14 September, 14:23

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

+5
Answers (1)
  1. 14 September, 14:51
    0
    0.0273 = 2.7%

    Explanation:

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

    = (1 + 0.027/4) ^4 - 1

    = 0.0273 = 2.73%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers