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

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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?

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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?

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