A Customer Makes a Savings Deposit for 15 Days

question 28

Multiple Choice

A customer makes a savings deposit for 15 days.During that time he earns $15 in interest and maintains an average daily balance of $2,200.What is the annual percentage yield on the savings account?

• A)0.68%
• B)16.36%
• C)16.59%
• D)17.98%
• E)None of the options is correct

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Definitions:

Critical Value

A threshold value used in hypothesis testing, which the test statistic must exceed in order to reject the null hypothesis.

Obtained Value

The actual value achieved from a statistical test, used to compare against the critical value to determine statistical significance.

Critical Value

A threshold in a statistical test that delineates the boundary for rejecting or not rejecting the null hypothesis.

Null Hypothesis

In statistical testing, the default hypothesis stating that there is no significant difference or effect.