If the apr of a savings account if 7.2% and interest is compounded monthly what is the approximate apy of the account

There are important information's already given in the question. Based on those given information's, the answer can be easily deduced.
APR 7.2% = (7.2/12)% per month
                  = 0.6% per month
When compounded monthly,
A = P*(1+0.6/100)^12
   = 1.0744P
Then
APY = A - P
        = 1.0744P - P
        = 0.0744P
        = (0.0744P * 100)/P
        = 7.44%
I hope that the procedure is clear enough for you to understand and the answer has come to your great help.

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