Given:
$4,000 deposit in an account with an APR of 8%.
Required:
We need to find APY with APR 8%
so
[tex]x=8\%[/tex]Explanation:
Here we find for 1 year
take n=1 in
[tex]4000*e^{1*\frac{8}{100}}=4333.15[/tex]Now to find ARP
[tex]\begin{gathered} 4000(1+\frac{x}{100})=4333.15 \\ \\ 1+\frac{x}{100}=1.08328 \\ \\ \frac{x}{100}=0.08328 \\ \\ x=8.328 \\ x\approx8.33\% \end{gathered}[/tex]Final answer:
$4333.15
8.33%
