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

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

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

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

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jeff jeffy answered 3 months ago
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