Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. use the apy formula required by the truth in savin

Use the APY formula required by the Truth in Savings Act for the following calculation: Suppose that...

90.2K

Verified Solution

Question

Finance

Use the APY formula required by the Truth in Savings Act for thefollowing calculation:

Suppose that a customer holds a savings deposit in a savingsbank for a year. The balance in the account stood at $2,000 for 180days and $100 for the remaining days in the year.

If the Savings bank paid this depositor $8.50 in interestearnings for the year, what APY did this customer receive?

Answer & Explanation Solved by verified expert
3.7 Ratings (577 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Use the APY formula required by the Truth in Savings Act for thefollowing calculation:Suppose that a customer holds a savings deposit in a savingsbank for a year. The balance in the account stood at $2,000 for 180days and $100 for the remaining days in the year.If the Savings bank paid this depositor $8.50 in interestearnings for the year, what APY did this customer receive?

Other questions asked by students

Q

9-3:Potter Replica produces a specialty statue for sale tocollectors. In 2017, Potter’s expected and...

Accounting
Q

The average house has 10 paintings on its walls. Is the mean smaller for houses owned...

Statistics
Q

Life expectancy of men and women in the U.S. has greatly increased over the course of...

Medical Sciences
Q

1 101 1 D d S Ko A thin transparent plate is placed on the...

Physics
Q

Find the exact value of tan tan Write your answer in radians in terms of...

Basic Math
Q

The federal budget in 2012 included $471 billion for Medicare and $47 billion for International...

Basic Math
Q

Solve the following compound inequality 6x 1 8x 7 6x 9 Submit your answer by...

Calculus
Q

Delta Company produces a single product. The cost of producing and selling a single unit...

Accounting
Q

Tamar owns a condominlum near Cocoa. Beach in Florida. In 2022, she incurs the following...

Accounting
Q

Consider the following production and cost data for two products, L and C: Product L...

Accounting
Q

The dates and nuts used to make the snacks would most likely be: a. variable...

Accounting
Q

Preparing a Multiple- Step Income Statement and a Retained Earnings Statement The following pretax amounts...

Accounting