Question: Use the APY formula required by the Truth in Savings
Use the APY formula required by the Truth in Savings Act for the following calculation. Suppose that a customer holds a savings deposit in a savings bank for a year. The balance in the account stood at $2,000 for 180 days and $100 for the remaining days in the year. If the Savings bank paid this depositor $8.50 in interest earnings for the year, what APY did this customer receive?
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