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20.07.2022 - 12:25

What is 4% compounded quarterly when converted into APY percentage?

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What is 4% compounded quarterly when converted into APY percentage?

Answers (1)

Frida April 7, 2023 в 13:54

The APY percentage for a 4% quarterly compounded interest can be calculated using the formula APY = (1 + r/n) ^ n - 1, where r is the annual interest rate and n is the number of compounding periods per year. Here, r = 4% and n = 4 (since it's compounded quarterly). Substituting these values in the formula, we get APY = (1 + 0.04/4)^4 - 1, which simplifies to APY = 0.040604 or \approx imately 4.06%. Therefore, the APY percentage for a 4% quarterly compounded interest is 4.06%.

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