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If the APR of a saving account is 4.8% and interest is compounded monthly what is the approximately APY of the account? A. 10.49% B. 4% C. 1.05% D. 4.91%

If the APR of a saving account is 4.8% and interest is compounded monthly what is the approximately APY of the account? A. 10.49% B. 4% C. 1.05% D. 4.91%
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If the APR of a saving account is 4.8% and interest is compounded monthly what is the approximately APY of the account?

A. 10.49%
B. 4%
C. 1.05%
D. 4.91%

asked
User Kent Mewhort
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8.0k points

1 Answer

6 votes
If the APR of a saving account is 4.8% compunded monthly then The answer is 4.91%
answered
User Marol
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