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rodikova [14]
3 years ago
10

Matilda deposited $16,100 into a savings account, and she didn't make any deposits or withdrawals for a year. If, after interest

was paid for the year, Matilda's new balance was $16,731.12, what was the APY of the savings account?
Mathematics
2 answers:
Oduvanchick [21]3 years ago
5 0

Answer:

The APY would be 3.92%.

Step-by-step explanation:

Given,

The initial amount in the account = $ 16,100,

Let r be the APY ( annual percentage yield ),

If any deposit and withdraws were not made,

Then, the total amount after 1 year would be,

A=16100(1+\frac{r}{100})

According to the question,

16100(1+\frac{r}{100})=16731.12

1+\frac{r}{100}=\frac{16731.12}{16100}

1+\frac{r}{100}=1.0392

\frac{r}{100}=0.0392

\implies r = 3.92\%

Hence, the APY would be 3.92 %.

Andreyy893 years ago
3 0
R=i/pt
i=16731.12-16100=631.12
R=631.12/16,100×1
R=0.0392*100=3.92%
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