document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1166601>Question 1166601</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A bank features a savings account that has an annual percentage rate of 4.6 % with interest compounded quarterly. Dana deposits $8,500 into the account.\r<BR>\n" );
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document.write( "What is the annual percentage yield (APY) for the savings account?<BR>\n" );
document.write( "APY = ______%. Round to the nearest hundredth of a percent. </SPAN>\n" );
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document.write( "The annual percentage is 4.6%<br><BR>\n" );
document.write( "The quarterly percentage is 4.6%/4 = 1.15%<br><BR>\n" );
document.write( "The quarterly growth factor is 100%+1.15% = 101.15% = 1.0115<br><BR>\n" );
document.write( "The annual growth factor is (1.0115)^4<br><BR>\n" );
document.write( "Use a calculator and round as directed.<br><BR>\n" );
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