Need help please. I'm having trouble with this question and I need to get this right on my study guide for my big test to past.
Someone be my life saver!!
1 answer:
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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%