Homework Answers
1.APY=[(1+rate/m)^m]-1
where m=compounding periods
=(1+0.076/12)^12-1
=7.87%(Approx).
2.APY=[(e)^rate]-1
where e=2.71828
=[(2.71828)^0.08]-1
=8.33%(Approx).
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