ANSWERS TO REVIEW QUESTIONS

APY = 72.78 / 3,400 = 0.0214 = 2.14% note that this answer was embedded in the work above. Now, we would like to consider the interest on a monthly basis. [2 pts] First, calculate the amount of interest the student earned in the first month. Use the Compound Interest formula, but note that t=1/12, for one twelfth of a year, A = P * (1 + APR/n)^n*t ................
................