Compute the Annual Percentage Yield (APY) for the investment in the previous question. (Round APY to the nearest hundredths of a percent.)

Answer 1

APY = The interest for 1 year divided by the initial investment:

APY = (I/Po)*100%.

Answer 2

How to determine the compound amount of an investment of $10,000 with an interest rate of 6% compounded monthly after 4 years requires you to use a table factor that goes beyond the compound interest table Calculate the new table factor for this investment.