There are important information's already given in the question. Based on those given information's, the answer can be easily deduced.
APR 7.2% = (7.2/12)% per month
= 0.6% per month
When compounded monthly,
A = P(1+0.6/100)^12
= 1.0744P
Then
APY = A - P
= 1.0744P - P
= 0.0744P
= (0.0744P 100)/P
= 7.44%
I hope that the procedure is clear enough for you to understand and the answer has come to your great help.
