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?
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%
