What is the apy of a savings account with an apr of 3.9742% compounded monthly? answer to the four decimal place

The APY of the saving account is 4.0474%

Step-by-step explanation:

We know the formula for APY which is given by

here, r= interset rate =  3.9742% = 0.039742

n = compounding cycles = 12

On plugging these values in the above formula, we get

On simplifying this we get

APY =0.04047395=4.0474%

answer: the answer is 35%

the answer is b.)

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