SOLUTION: A bank features a savings account that has an annual percentage rate of
5.8
% with interest compounded semi-annually. what is the APY? Round to the nearest hundredth of a perc
Algebra.Com
Question 1157592: A bank features a savings account that has an annual percentage rate of
5.8
% with interest compounded semi-annually. what is the APY? Round to the nearest hundredth of a percent
Answer by Shin123(626) (Show Source): You can put this solution on YOUR website!
The formula for calculating APY is , with r being the interest rate and n being the number of times the money is compounded per year. Plugging in 0.058 for r and 2 for n gives . The APY is 5.88%.
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