megansueholliday megansueholliday

22-02-2024
Mathematics

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Find the APY of 10% APR, compounded semi-annually.

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jsimpson11000 jsimpson11000

22-02-2024

Step-by-step explanation:

Periods per year = n = 2

Decimal Interest per period i = .10/2

APY = (1 + i)^n -1

( 1 + .10/2)^2 -1 = .1025 or 10.25% APY

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