Question

This is the last question i need help on please

What APY would cause $800 to turn into $865.50 after one year (round your answer to 1 decimal place)?

Answer 1

1.08%.

Explanation:

To determine the annual percentage yield of an investment of $ 800, so that it becomes $ 865.50 after the passage of one year, the following calculation must be performed:

800 x X = 865.50

X = 865.50 / 800

X = 1.082

800 x 1.082 = 865.50

Therefore, the annual percentage return on such investment would be 1.08%.