matilda deposited $16,100 into a savings account, and she didnt make any deposits or withdrawals for a year…

matilda deposited $16,100 into a savings account, and she didnt make any deposits or withdrawals for a year. if, after interest was paid for the year, matildas new balance was $16,731.12, what was the apy of the savings account?\n\na. 9.62%\nb. 0.39%\nc. 0.96%\nd. 3.92%

matilda deposited $16,100 into a savings account, and she didnt make any deposits or withdrawals for a year. if, after interest was paid for the year, matildas new balance was $16,731.12, what was the apy of the savings account?\n\na. 9.62%\nb. 0.39%\nc. 0.96%\nd. 3.92%

Answer

Explanation:

Step1: Calculate interest amount

Interest = New balance - Initial deposit Interest = $16731.12 - 16100=$631.12$

Step2: Calculate APY

APY (Annual - Percentage - Yield) formula is $APY=\frac{Interest}{Initial\ deposit}\times100%$ $APY=\frac{631.12}{16100}\times 100%$ $APY = 0.0392\times100% = 3.92%$

Answer:

D. 3.92%