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Joanne deposits $4,300 into a one-year CD at a rate of 2.3%, compounded daily.
What is her ending balance after the year?
How much interest does she earn?
What is her annual percentage yield to the nearest hundredth of a percent?

Sagot :

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Answer:

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Step-by-step explanation:

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The interest accrued on the principal is $100.

Using the formula;

A = P( 1 + r/n)^nt

A - amount

P - Principal

r = rate

n = Number of times the interest is compound

t = time in years

Substituting values;

A = 4,300( 1 + 0.023/365)365 × 1

A =  $4400

Interest =  $4400 - $4,300 = $100

The annual percentage yield is obtained from;

APY=100 (1 + r/n )n – 1

APY=100 (1 + 0.023/365)^n - 1

APY= 100(0.023)

APY= 2.3 %

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