Asked by MCR

Need help with this

---> I chose a APR of 10% compounded monthly, what is the corresponding APY?
Answered by Reiny
Don't know what APY and APY mean, but I will assume you want the
equivalent annual rate to 10% per annum, compounded monthly.

let the annual rate be j
(1+j) = (1 + .10/12)^12
solve for j, let me know what you get.
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