Treasure Mountain International School in Park City, Utah, is a public middle school interested in raising money for next year’s Sundance Film Festival. If the school raises $15,000 and invests it for 1 year at 3% interest compounded annually, what is the APY earned (round to nearest whole percent)?

3%

Explanation:

The annual percentage yield (APY) can be described as the real rate of return that earned on an investment or savings deposit while considering the compounding interest impact. The APY formula is as follows:

Annual Percentage Yield (APY) = (1 + Periodic rate)^n - 1

Where n denotes the number of period. Therefore, for this question, we have:

Annual Percentage Yield (APY) = (1 + 0.03)^1 - 1 = (1.03)^1 - 1 = 1.03 - 1 = 0.03, or 3%.

Therefore, the APY earned is 3%.

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