127. Lucy Lane maintains a savings deposit with Monarch Credit Union. This past year Lucy received $10.75 in interest earnings from her savings account. Her savings deposit had the following average balance each month: (Show Steps to receive answer. )
January 
$450 
July 
$450 

February 
350 
August 
425 

March 
300 
September 
550 

April 
550 
October 
600 

May 
225 
November 
625 

June 
400 
December 
500 
What was the annual percentage yield (APY) earned on Lucy’s savings account?
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Answer:
Lucy account had an average balance this year of:
[$450 x 31 days + $350 x 28 days + $300 x 31 days + $550 x 30 days+ $225 x 31 days + $400 x 30 days + $450 x 31 days + $425 x 31 days +$550 x 30 days + $600 x 31 days + $625 x 30 days + $500 x 31 days]/ 365 days
= $452.0548
Then the APY is given by
=100*((1+10.75/452.0548)^(365/365)1) = 2.378%
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