The annual percentage yield (APY) that Gerd will get is:
The annual percentage yield is the exact rate of return that an investor gets from an investment after compounding the values on a monthly basis.
The formula that is used to determine the annual percentage yield factors values such as the nominal interest rate, the number of times the value is compounded in a year, and the base of logarithm.
After compounding Gerd's interest on a monthly basis, with this formula:
APY= (1 + r/n )n – 1,
The Annual percentage yield gotten is 6.2.
Learn more about the annual percentage yield here:
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