calculate the apy for an account that pays 7.6% compounded daily. fill in the blank, round to the 100ths…

Explanation:

Step1: Identify the formula

The formula for APY (Annual - Percentage - Yield) is $APY=(1 + \frac{r}{n})^{n}-1$, where $r$ is the annual interest rate (in decimal form) and $n$ is the number of compounding periods per year. Since it is compounded daily, $n = 365$, and $r=0.076$.

Step2: Substitute values

Substitute $r = 0.076$ and $n = 365$ into the formula: $APY=(1+\frac{0.076}{365})^{365}-1$. First, calculate $\frac{0.076}{365}\approx0.000208219$. Then $1+\frac{0.076}{365}=1 + 0.000208219=1.000208219$. Next, $(1.000208219)^{365}\approx1.0789$. Finally, $APY = 1.0789-1=0.0789$.

Step3: Convert to percentage and round

To convert to a percentage, multiply by 100: $0.0789\times100 = 7.89%$.

Answer:

$7.89$