[tex]\bf \qquad \qquad \textit{Annual Yield Formula}
\\\\
~~~~~~~~~~~~\left(1+\frac{r}{n}\right)^{n}-1
\\\\
\begin{cases}
r=rate\to 3\%\to \frac{3}{100}\to &0.03\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{monthly, thus twelve}
\end{array}\to &12
\end{cases}
\\\\\\
\left(1+\frac{0.03}{12}\right)^{12}-1\implies 1.0025^{12}-1~~\approx ~~ 0.03041596
\\\\\\
r\%=0.03041596\cdot 100\implies r\approx\stackrel{\%}{3.04}[/tex]
