Little help please

Question

A bank features a saving account that has an annual percentage rate of r= 3.15 with interest compounded twice a year.

What is the annual percentage yeld (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year).

APY=

round answer to 3 thousandths of a percent

Answer 1

APY = (1 + r/n)ⁿ - 1 = (1 + 0.0315/2)² - 1 = 0.03175 = 3.175%

Answer 2

A = 1(1 + 0.035/2)²

A = 1.0175²

A = 1.03530

i = 3.53%