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Suppose John opens a savings account with $1,000 that compounds interest daily. The APR at the time John deposits the account is 3.5%. He makes no withdrawals or deposits. What is his APY to the nearest hundredth of a percent after 1 year?

Respuesta :

[tex]\bf \qquad \qquad \textit{Annual Yield Formula} \\\\ \left. \qquad \qquad \right.\left(1+\frac{r}{n}\right)^{n}-1 \\\\ \begin{cases} r=rate\to 3.5\%\to \frac{3.5}{100}\to &0.035\\ n= \begin{array}{llll} \textit{times it compounds per year} \end{array}\to &365 \end{cases} \\\\\\ \left(1+\frac{0.035}{365}\right)^{365}-1[/tex]

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