SOLUTION: Can I get a little help please? Find the APY for a nominal rate of 8.5% compounded monthly? (To the nearest hundredth of a percent)

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Question 430366: Can I get a little help please?
Find the APY for a nominal rate of 8.5% compounded monthly? (To the nearest hundredth of a percent)
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
(1 + 0.085/12)^12 = 1.08839
--> 8.84%