01.07.2022 - 15:12

# Chris Peterson at DSS consulting Deborah Ancona and David Caldwell late Thursday afternoon: Chris Peterson was reflecting on the meeting she would have tomorrow with her boss, Meg Cooke. The purpose

Question:

Chris Peterson at DSS consulting Deborah Ancona and David Caldwell late Thursday afternoon:

DSS Consulting

• The annual percentage yield (APY) earned on Chris's savings account is 2.73%. To calculate the annual percentage yield, we need to use the formula: APY = (1 + (r/n))^n - 1 where r is the interest rate, and n is the number of times the interest is compounded in a year. First, we need to calculate the total amount of money Chris had in his savings account over the year. We can do this by adding up the average balance for each month: Total balance = (400+250+300+150+225+300)/6 * 2 + (350+425+550+600+625+300)/6 = $3,800 Next, we need to calculate the interest rate. We can do this by dividing the interest earned by the total balance: Interest rate =$13.64 / \$3,800 = 0.00358 Finally, we can use the above formula to calculate the APY: APY = (1 + 0.00358/12)^12 - 1 = 0.0273 or 2.73% Therefore, the annual percentage yield earned on Chris's savings account is 2.73%.