Multiple Choice
Which of the following must be included on the continuation pages of a business letter to ensure clarity and proper identification?
60
views
1. Introduction to Accounting
Useful Information
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
What is the annual percentage yield (APY) for a savings account with a \$250 balance that earns \$9 in interest over one year?
A
4.5\%
B
1.8\%
C
2.5\%
D
3.6\%
Verified step by step guidance1
Step 1: Understand the formula for Annual Percentage Yield (APY). APY is calculated using the formula: APY = (Interest Earned / Principal) × 100.
Step 2: Identify the given values from the problem. The principal (initial balance) is \$250, and the interest earned over one year is \$9.
Step 3: Substitute the given values into the formula. Replace 'Interest Earned' with \$9 and 'Principal' with \$250 in the formula: APY = (9 / 250) × 100.
Step 4: Perform the division first to calculate the fraction (9 ÷ 250). This will give you the decimal value representing the interest rate.
Step 5: Multiply the result of the division by 100 to convert the decimal into a percentage, which represents the APY.
3:16mWatch next
Master Fundamental Qualitative Characteristics with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Useful Information practice set
Problem sets built by lead tutorsExpert video explanations