Question
Assume an 18 month CD purchased for $7000 pays an APR of 4% compounded monthly. What is the APY?
2 decimal places
2 decimal places
Answers
Reiny
I count 9 times that you have posted a variation of the same problem, all you are doing is changing the interest rate.
Here is my first answer when you had it at 3%
http://www.jiskha.com/display.cgi?id=1452909381
It has now been answered by 3 different tutors all using the same method.
ok, how does your text , your course, or your notes define APY ?
Here is my first answer when you had it at 3%
http://www.jiskha.com/display.cgi?id=1452909381
It has now been answered by 3 different tutors all using the same method.
ok, how does your text , your course, or your notes define APY ?