dalilahmoon12 dalilahmoon12

25-05-2017
Mathematics

contestada

Calvin deposited 12,600 into a savings account, and he didn't make any deposits or withdrawls for the year. If after interest was paid for the year, Calvins new balance was $13,246, what was the APY of the savings account?

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ironcape10 ironcape10

25-05-2017

646$ well that is my answer

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Aliwohaish12 Aliwohaish12

25-05-2017

Hi there:)

A=p (1+rt)
A future value 13246
P principle 12600
t time 1 year
R interest rate ?
To solve for r
R= (( A/p)-1)/t
R=(13,246÷12,600)−1
R=0.0513×100=5.13%

Hope it helps

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