Howell Chang
03/08/2023 · Middle School
A bank features a savings account that has an annual percentage rate of \( 5.2 \% \) with interes compounded monthly. Chad deposits \( \$ 5,000 \) into the account. How much money will Chad have in the account in 1 year? Answer = \( \$ \square \) Round answer to the nearest penny. What is the annual percentage yield (APY) for the savings account? APY \( =\square \). Round to the nearest hundredth of a percent.
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Chad will have approximately $5,266.29 in the account in 1 year, with an APY of approximately 5.32%.
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