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Question 3 (1 point) If you deposit money in a savings account with an interest rate (APR) of 6.2% and the account compounds monthly, which
Question 3 (1 point) If you deposit money in a savings account with an interest rate (APR) of 6.2% and the account compounds monthly, which is your annual percentage yield (APY)? Convert your answer to a percent and round it to two decimal places. That is, your answer should be in the form X.XX or X.XX%. Hint: APY is calculated using the percent change formula. See the lecture notes for more details. A
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