Answer:
4.184%
Step-by-step explanation:
Barbara deposits $3000 in a one year CD account at 4.1% interest per year i.e. [tex]\frac{4.1}{365}[/tex] % =0.01123% per day, compounded daily.
So, after one year the sum will become [tex]3000[1+\frac{0.01123}{100} ]^{365}[/tex]
= $3.125.52
Hence, total interest that he gets = $( 3125.516 - 3000) = $125.516.
Therefore, the APY that he get per year = [tex]\frac{125.516 \times 100}{3000}[/tex] = 4.184% (rounded to the nearest hundredth of the percent)
(Answer)
