a) (1 + .11/12)12 - 1 = 11.572%
b) e.12 - 1 = 12.750%
CHRISTIAN B.
asked 10/25/20What is the APY for money invested at each rate?
(A) 11% compounded monthly
(B) 12% compounded continuously
(A) APY=_______ % (Round to three decimal places as needed.)
(B) APY = ________ % (Round to three decimal places as needed.)
a) (1 + .11/12)12 - 1 = 11.572%
b) e.12 - 1 = 12.750%
Here's the formula:
fv=p(1+int/c)^(nt)
future value
principal
int
compound
years
times/yr
Be sure to subtract the principal from the fv for the int.
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