Lloyd deposited $14300 into a savings account, and he didn't make any deposits or withdrawals for a year. If, after interest was

Question

4 years ago

15

paid for the year, Lloyd's new balance was $14880.58, what was the APY of the savings account?

2 answers:

Minchanka [31] · Answer 1 · 2022-02-12T21:05:16+03:00

Answer:

4.06%

Step-by-step explanation:

To solve for the APY of Lloyd, we use the formula:

$R=\dfrac{I}{Pt}$

Since we don't know what the Interest earned is yet, we simply solve for the difference of the new balance and the old balance.

Interest Earned = $14880.58 - $14300

Interest Earned = $580.58

Now let's break down the values we have.

P = 14300

I = 580.58

t = 1

Now let's plug it into our formula.

$R=\dfrac{580.58}{14300*1}$

$R=\dfrac{580.58}{14300}$

$R=0.0406$ or 4.06%

guajiro [1.7K] · Answer 2 · 2022-02-12T22:39:36+03:00

3 0

Answer:

4.06%

Step-by-step explanation: