The annual percentage yield (APY) of an investment account is a representation of the actual interest rate

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The annual percentage yield (APY) of an investment account is a representation of the actual interest rate earned on a compounding account. It is based on a compounding period of one year. Show that the APY of an account that compounds monthly can be found with the formula APY 

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Precalculus

ISBN: 9781938168345

1st Edition

Authors: Jay Abramson

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