Find the annual percentage yield (apy) in the following situation. a bank offers an apr of 4.8% compounded daily. the annual percentage yield is %. (do not round until the final answer. then round to two decimal places as needed.) enter your answer in the answer box o type here to search hp

4.92%

Step-by-step explanation:

First of all, recall that if you increase a number C in x%, then you will have

So increasing a number in x% is equivalent to multiply it by (1+x/100)

Now, suppose you have deposited $C where C is any amount > 0

If the bank offers an APR of 4.8% compounded daily, it means that your money increases daily.

So, after 365 days you will have

C multiplied by (1+0.048/365) 356 times, that is

(1)

Now, you want to find a value x, such that C increased in x% equals the amount in (1).That would be the percentage your money increased in one year (APY)

Computing this amount, we get

x = 4.92 rounded to the nearest hundreth.

And the bank is offering an APY of 4.92%