Fhough17
Mar 2, 2010, 10:18 AM
A bank offers an APR of 4.6% compounded monthly
Fhough17
Mar 2, 2010, 10:21 AM
A bank offers an APR of 4.6% compounded monthly
ArcSine
Mar 2, 2010, 12:21 PM
APY = (1 + \frac{\text{APR}}{n})^n - 1
... where n is the number of compounding periods per year. And be sure to express APR in decimal form in there.
Likewise, the resulting answer will be in decimal form.