Can you please help me I've tried over 30 times on this problem please show me the formula that I need to come up with the answer...

Question

Assume and 18 months Ed purchased for 7000 days and APR of 5% compounded monthly. What is the APY? They want me to round the answer to two decimal places

Answer 1

7000 days? 18 months? what are you talking about?

anyway
.05/12 = .004167
so every month multiply by 1.004167
so in twelve months
v = Vi (1.004167)^12
v = Vi * 1.0511
or
5.11 percent annual interst

Answer 2

That answer was wrong...so I reposted the new question and made sure I typed it right which was my fault.The new problem is now at 7%.

They want the APY %