The interest accrued on the principal is $100.
Using the formula;
A = P( 1 + r/n)^nt
A - amount
P - Principal
r = rate
n = Number of times the interest is compound
t = time in years
Substituting values;
A = 4,300( 1 + 0.023/365)365 × 1
A = $4400
Interest = $4400 - $4,300 = $100
The annual percentage yield is obtained from;
APY=100 (1 + r/n )n – 1
APY=100 (1 + 0.023/365)^n - 1
APY= 100(0.023)
APY= 2.3 %
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