Answer:
3.66% ( approx )
Step-by-step explanation:
Since, the formula of annual percentage yield is,
[tex]APY = (1+\frac{r}{n})^n-1[/tex]
Where,
r = stated annual interest rate,
n = number of compounding periods,
Here, r = 3.6% = 0.036,
n = 12 ( ∵ 1 year = 12 months )
Hence, the annual percentage yield is,
[tex]APY=(1+\frac{0.036}{12})^{12}-1=1.03659 - 1 = 0.036599\approx 0.0366 = 3.66\%[/tex]
