See the formula for APY in the web site below

Inom is the APR

1) APY = (1 + 0.07/4)^4 - 1 = 0.071859... = 7.1859...%

Now you try the 2nd exercise.

first, you learn that compounding interest is not "simple" interest.

So I don't know where to start with these problems

You invests in a savings account that pays 7% interest compounded quarterly. What is the APY for this account?

You invests in a savings account that pays 4% interest compounded monthly. What is the APY for this account?

please help thanks