Posted by Tee on Tuesday, July 2, 2013 at 10:18pm.
What is the annual percentage yield of a $10,000 investment for 1 year at 12% interest compounded monthly? (Round APY to the nearest hundredth.)

Business Math  Reiny, Tuesday, July 2, 2013 at 11:03pm
amount = 10000(1 + .12/12)^12 = 11268.25
so interest earned = 1268.25
rate of return = 1268.25/10000 = .1268 or appr 12.68%