Find the APY (effective interest rate = actual yield) for a savings account that pays 2.4% APR compounded monthly. Note that this may be unrealistic interest rate nowadays.
Added by Jennifer R.
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To convert the APR to a monthly interest rate, divide the APR by 12 (since there are 12 months in a year). 2.4% / 12 = 0.2% Show more…
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