SalimaA322319 SalimaA322319

03-11-2022
Mathematics

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find the annual percentage yield apyA bank offers an apr of 2.5% compounded semiannually

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NoahG514283 NoahG514283

03-11-2022

Apr = 2.5% every 6 months

Use formula

N = N1 ( 1+ 2.5/100)^ 2

APY= (1 + r/2) ^2 - 1

. = ( 1 + 2.5/2) ^2 - 1

. = (2.25)^2 - 1

. = 4.0625

Then answer is

Annual percentage yield

APY = 4.06 %

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