Respuesta :
The approximate APY of the account is 3.35%.
Given that,
- The APR of a savings account is 3.3%.
- And, the interest is compounded monthly.
Based on the above information, the approximate APY of the account is
= (1 + rate of interest ÷ number of compounding period)^number of compounding period - 1
= (1 + 3.3% ÷ 12)^12 - 1
= 1.0335 - 1
= 3.35%
Therefore we can conclude that the approximate APY of the account is 3.35%.
Learn more: brainly.com/question/14731228
