Given the question in the question tab, we can get the annual percentage yield by following these steps:
Step 1:
[tex]\begin{gathered} \text{Let P=\$1},\text{ then we have} \\ A=1\times(1+\frac{0.0451}{12})^{12\times1} \\ A=1.046044033 \end{gathered}[/tex]So the annual percentage yield becomes
[tex]APY=\frac{1.046044033-1}{1}=0.04604403302[/tex]Since APY is given in percentage, we convert to percentage, i.e,
[tex]\begin{gathered} 0.04604403302\times100 \\ =4.604403302\text{ percent} \end{gathered}[/tex]Hence, annual percentage yield is 4.60 percent to two decimal places.
