What is the interest earned in a savings account after 12 months on a balance of $1000 if the interest rate is 1% APY compounded yearly?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
G 5.5as a decimal - Google Search x
re| admin248.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClassID=1483222518#
F MathGrades K to 12
A Acellus - The Scienc. M My Gmail A My Classes 6 My Drive - Google D.
9 Algebra 2 Folder O My Mathbook
>>
Final Exam
Status
Exam
What is the interest earned in a savings
account after 12 months on a balance of
$1000 if the interest rate is 1% APY
compounded yearly?
interest = $[?]
Round your answer to the nearest hundredth.
Enter
EX
Copyright © 2003 - 2021 Acellus Corporation. All Rights Reserved.
Sign out
SAMSUNG
Transcribed Image Text:G 5.5as a decimal - Google Search x re| admin248.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClassID=1483222518# F MathGrades K to 12 A Acellus - The Scienc. M My Gmail A My Classes 6 My Drive - Google D. 9 Algebra 2 Folder O My Mathbook >> Final Exam Status Exam What is the interest earned in a savings account after 12 months on a balance of $1000 if the interest rate is 1% APY compounded yearly? interest = $[?] Round your answer to the nearest hundredth. Enter EX Copyright © 2003 - 2021 Acellus Corporation. All Rights Reserved. Sign out SAMSUNG
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education