Question: 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

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

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