ANSWER :
4.47%
EXPLANATION :
The APY Formula is :
[tex]APY=\left(1+\frac{r}{n}\right)^n-1[/tex]
where r = annual percentage rate
n = number of compounding in a year
From the problem, r = 4.4% or 0.044 and n = 4 (Quarterly)
That will be :
[tex]\begin{gathered} APY=\left(1+\frac{0.044}{4}\right)^4-1 \\ APY=0.0447 \end{gathered}[/tex]
The APY is 4.47%
