The savings account offering which of these aprs and compounding periods offering the best apy? a. 3.1196% compounded semiannually b. 3.1172% compounded monthly c. 3.1095% compounded daily d. 3.1184% compounded quarterly

3.1172% Compounded Monthly

Explanation:

Option A: 3.1196% compounded semiannually.

where r = 3.1196% or 0.031196

n = 2

OPTION A : Effective Rate of return = 3.144%

OPTION B: 3.1172% Compounded Monthly

where r = 3.1172% or 0.031172

n = 12

OPTION B: Effective Rate of return = 3.162%

OPTION C: 3.1095% Compounded Daily

where r = 3.1095% or 0.031095

n = 365

OPTION C :Effective Rate of return = 3.158%

OPTION D: 3.1184% Compounded Quarterly

where r = 3.1184% or 0.031184

n = 4

OPTION D :Effective Rate of return = 3.155%

Therefore, OPTION B provides 3.162% the highest APY as compared to the other options.

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