What Is the APY for a Savings Account with a $250

question 72

Multiple Choice

What is the APY for a savings account with a $250 balance that receives $12 interest for the year?

• A) 2.4%
• B) 4.8%
• C) 5%
• D) 10.4%
• E) 20.8%

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Definitions:

Predetermined Overhead Rate

A calculated rate used to assign overhead costs to products or services, based on estimated or budgeted overhead expenses and activity.

Unit Product Costs

The calculated cost to produce one unit of product, including direct materials, labor, and overhead.

Predetermined Overhead Rate

The rate calculated before the accounting period begins, used to allocate overhead costs to products or job orders based on a consistent activity base.

Machine-Hours

A measure of production output or activity level, representing the total hours that machinery is operating over a specific period of time.