If the apr of a savings account is 1.9% and interest is compounded semiannually, what is the approximate apy of the account a. 1.9166% b. 1.9136% c. 1.9090% d. 1.9151%

C. 1.9090%

Step-by-step explanation:

We have been given that the APR of a savings account is 1.9% and interest is compounded semiannually. We are asked to find the APY of the account.

To solve our given problem, we will use APY formula.

, where,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year.

Let us convert our given rate in decimal form.

Upon substituting and in APY formula we will get,

Since APY is in decimal form, so we will multiply APY by 100 to get as percentage.

Therefore, the the approximate APY of the account 1.9090% and option C is the correct choice.

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step-by-step explanation:

b

step-by-step explanation: