Question
Ruby has a choice between 3 savings accounts. Savings account A has an APR of 3.9742% compounded monthly. Savings account B has an APR of
Ruby has a choice between 3 savings accounts. Savings account A has an APR of 3.9742% compounded monthly. Savings account B has an APR of 3.9886% compounded quarterly. Savings account C has an APR of 3.9998% compounded semiannually. Ruby wants to chose the savings account with the highest APY. Part 1: If r is a savings account's APR and n is the number of compounding periods per year what expression gives the savings accounts APY? Part 2: What is the APY of savings account A to four decimal places? What is the APY of savings account B to four decimal places? Part 4: What is the APY of savings account C to four decimal places? Part 5: Which savings account offers the highest APY?
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Intermediate Algebra
Authors: Margaret Lial, John Hornsby, Terry McGinnis
13th Edition
0134895983, 978-0134895987
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