What is the APY for 6% compounded weekly?
A) 6.00%
B) 6.09%
C) 6.18%
D) 7.25%

Name: What is the APY for 6% compounded weekly? A) 6.00% B) 6.09% C) 6.18% D) 7.25%
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Question

Quizplus · Accepted Answer

The APY (Annual Percentage Yield) can be calculated using the formula: APY = (1 + r/n)^(n*t) - 1, where r is the nominal rate (0.06), n is the number of compounding periods per year (52 for weekly), and t is the time in years (1 year). Plugging in the values, APY = (1 + 0.06/52)^(52*1) - 1 ≈ 6.18%.

What Is the APY for 6% Compounded Weekly