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math

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compare the annual percentage yield for three banks. Bank 1 offers an APR of 3.8% compounded daily; bank 2 offers an APR of 4.1% compounded monthly; bank 3 offers an APR of 4.5% compounded quarterly

  • math -

    3.8% compounded daily ---> (1+.038/365)^365 = 1.038729
    4.1% compounded monthly --> (1 + .041/12)^12 = 1.041779
    4.5% compounded quarterly --> (1 + .045/4)^4 = 1.045765

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