Question 1167060
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APY = {{{ (1+r)^n - 1 }}}  
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where 
n = number of periods
r = periodic rate (here, it is 3.2%/12 = 0.032/12 = 0.0026667)
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APY = {{{ (1+0.0026667)^12 - 1 }}} = 0.03247  or  3.25%  to two decimal places.