If you have $3,000 today with a 10% APY,how much will you have one year from now?
A) $3,200
B) $3,300
C) $3,100
D) $3,500

Question

Quizplus · Accepted Answer

APY stands for Annual Percentage Yield. This means that if you invest $1,000 at 10% APY, you will earn $100 in one year. Therefore, if you have $3,000 today at 10% APY, you will earn $300 in one year. So your total would be $3,300 (original $3,000 + $300 interest earned). Therefore, the correct answer is B.

If You Have $3,000 Today with a 10% APY,how Much