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Calculate the effective rate (APY) of interest for 1 year. The Principal is $15,500 with an interest rate of 12%. The interest is compounded Quarterly.

Respuesta :

[tex]\bf \qquad \qquad \textit{Annual Yield Formula} \\\\ \qquad \qquad \left(1+\frac{r}{n}\right)^{n}-1 \\\\ \begin{cases} r=rate\to 12\%\to \frac{12}{100}\to &0.012\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, meaning 4} \end{array}\to &4 \end{cases}[/tex]

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