SOLUTION: A bank features a savings account that has an annual percentage rate of 5.9 % with interest compounded annually. Juan José deposits $9,000 into the account. What is the annual

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Question 1195616: A bank features a savings account that has an annual percentage rate of 5.9 % with interest compounded annually. Juan José deposits $9,000 into the account.
What is the annual percentage yield (APY) for the savings account?
APY= __ %. Round to the nearest tenth of a percent.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
It is 5.9% for annual compounding.(1+0.059/1)^1-1