Ruby has a choice between 3 savings accounts. Savings account A has an APR of 3.9742% compounded
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 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?
Intermediate Algebra
ISBN: 9780134895987
13th Edition
Authors: Margaret Lial, John Hornsby, Terry McGinnis