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11-07-2022
Mathematics

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If a savings account has an interest rate of 1.60%, and compounds monthly, what is the apy?

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11-07-2022

Step-by-step explanation:

monthly interest rate calculation example convert the annual rate from a percent of a decimal by dividing by 100 / 100 is equal to 0.10.9 divide that number 12 to get monthly interest rate in the decimal forms 0.10 upon 12 is equal to zero zero eight three

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