Answer:
The APY would be 3.92%.
Step-by-step explanation:
Given,
The initial amount in the account = $ 16,100,
Let r be the APY ( annual percentage yield ),
If any deposit and withdraws were not made,
Then, the total amount after 1 year would be,
\(A=16100(1+\frac{r}{100})\)
According to the question,
\(16100(1+\frac{r}{100})=16731.12\)
\(1+\frac{r}{100}=\frac{16731.12}{16100}\)
\(1+\frac{r}{100}=1.0392\)
\(\frac{r}{100}=0.0392\)
\(\implies r = 3.92\%\)
Hence, the APY would be 3.92 %.
