Answer:
4.39%
Explanation:
we know that
The APY is the return you can expect on your money after leaving it in the account for one year
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=1\ year\\ P=\$410\\I=\$18\\r=?[/tex]
substitute in the formula above
[tex]18=410(r)(1)[/tex]
[tex]18=410(r)[/tex]
[tex]r=18/410[/tex]
[tex]r=0.0439[/tex]
Convert to percentage form
[tex]r=0.0439*100=4.39\%[/tex]
