Abank offers an apr of 6.4% compounded daily. the annual percentage yield is what percentage?

The annual percentage yield is 6.609%

Step-by-step explanation:

Let's assume

amount invested=$1

so, P=1

APR of 6.4% compounded daily

so, r=6.4%=0.064

n=365

t=1

now, we can use formula

now, we ca plug values

we get

now, we can find APY

now, we can plug values

we get

APY is 6.609%

The annual percentage yield is 6.609%.

Step-by-step explanation:

The annual percentage yield is calculated by:

APY =

where r is the percentage rate and n refers to the number of times compounded.

So, r = = 0.064

Since the APR is compounded daily,

n = 365

Now,

APY =

= 6.609% approximately

answer: ask

step-by-step explanation: