calculate the apy for an account that pays 6.3% compounded weekly. fill in the blank, round to the 100ths…

Explanation:

Step1: Identify the formula for APY

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.

Step2: Convert the annual interest rate to decimal

The annual interest rate $r = 6.3%=0.063$.

Step3: Determine the number of compounding periods per year

Since it is compounded weekly, and there are 52 weeks in a year, $n = 52$.

Step4: Substitute values into the formula

$APY=(1+\frac{0.063}{52})^{52}-1$. First, calculate $\frac{0.063}{52}\approx0.00121154$. Then $1+\frac{0.063}{52}=1 + 0.00121154=1.00121154$. Next, $(1.00121154)^{52}\approx1.065037$. Finally, $APY = 1.065037-1=0.065037$.

Step5: Convert to percentage and round

To convert to a percentage, multiply by 100: $0.065037\times100 = 6.5037%$. Rounding to the hundredths place, we get $6.50%$.

Answer:

$6.50$