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nakaylafree
18.11.2020 •
Mathematics
Knob Hill Savings Bank offers a one-year CD at 3.88% interest compounded
daily.
What is the APY for this account? Round to the nearest hundredth of a
percent.
Solved
Show answers
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Ответ:
3.95%
Step-by-step explanation:
The computation of the APY is shown below:
As we know that
A = P(1 + rate)^n
where,
A = full and Final amount (Principal + Interest )
r = rate of interest
n = time
Now
Let us assume that P = $100.
Now placing the values,
A = $100 × (1 + (3.88% ÷ 365)^365
= $100 × (1 + 0.000106301 )^365
= $100 × (1.000106301 )^365
= $100 × 1.039560407
= $103.9560407
Now the annual percentage yield is
= Amount - principal
= $103.9560407 - $100
= 3.95%
Ответ:
Hope this helped!