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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
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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?

User Mamu
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2 Answers

4 votes

Answer: A P E X 5.13%

User Omiel
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6.5k points
5 votes
R=((A/p)^(1/t)-1)×100
R=((13,246.38÷12,600)−1)×100
r=5.13%
User Charlie Kotter
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6.8k points
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