briannawoods13
09.01.2020 •
Mathematics
If the apr of a savings account if 7.2% and interest is compounded monthly what is the approximate apy of the account
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Ответ:
APR 7.2% = (7.2/12)% per month
= 0.6% per month
When compounded monthly,
A = P*(1+0.6/100)^12
= 1.0744P
Then
APY = A - P
= 1.0744P - P
= 0.0744P
= (0.0744P * 100)/P
= 7.44%
I hope that the procedure is clear enough for you to understand and the answer has come to your great help.
Ответ:
SOLUTION STEPS
8×W<72
Divide both sides by 8. Since 8 is positive, the inequality direction remains the same.
W< 72/8
Divide 72 by 8 to get 9.
W<9
I hope this helps