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Calvin deposited $12,600 into a savings account, and he didn't make any deposits or withdrawls for a year. If after interest was paid for the year, Calvin's new balance was $13,246.38, what was the APY of the savings account?

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  1. 3 May, 02:40
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    R = ((A/p) ^ (1/t) - 1) * 100

    R = ((13,246.38:12,600) - 1) * 100

    r=5.13%
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