Lloyd deposited $14300 into a savings account, and he didn't make any deposits or withdrawals for a year. If, after interest was
2 answers:
Answer:
4.06%
Step-by-step explanation:
To solve for the APY of Lloyd, we use the formula:
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.
or 4.06%
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