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

If the APR of a savings account is 7.8% and interest is compounded monthly, what is the approximate APY of the account?
asked 168k views
3 votes
If the APR of a savings account is 7.8% and interest is compounded monthly, what is the approximate APY of the account?

asked
User Wonderflow
by
7.7k points

2 Answers

3 votes

Answer:

8.08% -_- APEX

Step-by-step explanation:

answered
User Leonardo Buscemi
by
8.1k points
3 votes
8.08% is the correct answer on apex

answered
User Siarhei Kuchuk
by
7.6k points
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