Question

Calvin deposited $12,600 into a savings account, and he didn't make any deposits or withdrawals for a year. If, after interest was paid for the year, Calvin's new balance was $13,246.38, what was the APY of the savings account?

A. 9.51%
B. 0.95%
C. 0.51%
D. 5.13%

Answer 1

5.13% APEX

Explanation:

You take 12,600 and multiply it by 1.0513, to get 13,246.38. I don't know where the 1 in front of the percent came from, but for APEX, that is the correct answer.