Question

Calvin deposited $12,600 into a savings account, and he didn't make any deposits or withdrawls 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?

Answer 1

Answer: A P E X 5.13%

Answer 2

R=((A/p)^(1/t)-1)×100
R=((13,246.38÷12,600)−1)×100
r=5.13%