Find the apy corresponding to the following nominal rate. 2% compounded quarterly the apy is %. (type an integer or a decimal. round to the nearest hundredth as needed.)

2.02%.

Step-by-step explanation:

We are asked to find the Annual Percentage Yield (APY) for the nominal rate of 2% compounded quarterly.

We will use APY formula to solve our given problem.

, where,

r = Stated annual interest rate in decimal form,

n = Number of times interest is compounded per year.

Compounded quarterly means that the value of n is 4.

Let us convert 0.020150500625 to percent as:

Therefore, the required APY would be 2.02%.

saving = more money

step-by-step explanation:

if you have 100 bucks, and you want to buy a candy bar, even if you have one at home, if you choose not to buy it, you save.

~courtney