Exponential Functions · Exercise 65

The annual percentage yield (APY) of an investment account is a representation of the actual interest rate earned on a compounding account. It is based on a compounding period of one year. Show that the APY of an account that compounds monthly can be found with the formula $\text{APY}={\left(1+\frac{r}{12}\right)}^{12}-1.$

Its source prints no answer for this problem, so there's nothing to check against.

OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Exercise 65