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22 December, 12:38

Of the APR of a savings account is 7.8% and interest in compounded monthly, what is the approximate APY of the account?

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  1. 22 December, 13:39
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    APY = (1+r/k) ^ (k) - 1

    APY = (1+0.078:12) ^ (12) - 1

    =0.0808*100

    =8.08%
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