document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1157592>Question 1157592</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A bank features a savings account that has an annual percentage rate of <BR>\n" );
document.write( "5.8<BR>\n" );
document.write( "% with interest compounded semi-annually.  what is the APY?  Round to the nearest hundredth of a percent </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #780721 by </B><A HREF=/tutors/aboutme.mpl?userid=Shin123><B>Shin123(626)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Shin123><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Shin123><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=780721\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The formula for calculating APY is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=APY=%281%2Br%2Fn%29%5En-1 ALIGN=MIDDLE  ALT=\"APY=%281%2Br%2Fn%29%5En-1\"   DISABLED_style= \"max-width:90%; height:auto;\" >, 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 <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281%2B0.058%2F2%29%5E2-1=%281.029%29%5E2-1=0.058841 ALIGN=MIDDLE  ALT=\"%281%2B0.058%2F2%29%5E2-1=%281.029%29%5E2-1=0.058841\"   DISABLED_style= \"max-width:90%; height:auto;\" >. The APY is 5.88%. </SPAN>\n" );
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