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16 July, 12:18

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?

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  1. 16 July, 13:01
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    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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