1 find the apy for the bank described, Mathematics

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1 find the apy for the bank described

1. Find the APY for the bank described below-

A bank offers an APR of 4% compounded monthly.

2. Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually-$5000 is invested at an APR of 3 .7% for 22 years, what is the balance in the account after 22 years?

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Mathematics: 1 find the apy for the bank described

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