Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

What is the annual percentage yield (APY) for a savings account with a $250 balance that earns $9 in interest over one year?

4.5\%

1.8\%

2.5\%

3.6\%

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Verified step by step guidance

Step 1: Understand the formula for Annual Percentage Yield (APY). APY is calculated using the formula: APY = (Interest Earned / Principal) × 100.

Step 2: Identify the given values from the problem. The principal (initial balance) is $250, and the interest earned over one year is $9.

Step 3: Substitute the given values into the formula. Replace 'Interest Earned' with $9 and 'Principal' with $250 in the formula: APY = (9 / 250) × 100.

Step 4: Perform the division first to calculate the fraction (9 ÷ 250). This will give you the decimal value representing the interest rate.

Step 5: Multiply the result of the division by 100 to convert the decimal into a percentage, which represents the APY.