Explain the savings plan formula Choose the correct answer below A. The savings plan formula in the annual porcentage yield (APY) that would give the same overall growth over Y years. It is used as a convenient alternative to making an extensive table of APY calculations B. The savings plan formula is used by banks to determine the right interest rate to give to a person who is looking to open a savings account C. The savings plan formula calculates the simple interest rate that the issuer promises to pay For example, a coupon rate of 8% on a bond with a face value of $1000 means that the issuer will pay an interest of 8% x $1000 = $80 each year. D. The savings plan formula calculates the accumulated savings plan balance as it grows because of the periodic deposits and interest. It is