A bank features a savings account that has an annual percentage rate of \( 3.4 \% \) with interest compounded annually. Maurice deposits \( \$ 3,000 \) into the account. How much money will Maurice have in the account in 1 year? Answer \( =\$ \). Round onswer to the nearest penny. What is the annual percentage yield (APY for the savings account? APY \( =\square \% \) Round to the nearest hundredth of a percent.

After one year, Maurice will have earned interest on his initial deposit of \( \$3,000 \). The formula for calculating the future value with compounded interest is: \[ A = P(1 + r)^n \] where \( P \) is the principal amount (\$3,000), \( r \) is the annual interest rate (0.034), and \( n \) is the number of years (1). Plugging in the numbers: \[ A = 3000(1 + 0.034)^1 = 3000(1.034) = 3102 \] Therefore, the amount in the account after 1 year is \( A = \$3,102.00 \). For the annual percentage yield (APY), it is calculated as: \[ APY = (1 + r)^n - 1 \] For this case: \[ APY = (1 + 0.034)^1 - 1 = 0.034 \] Thus, rounding to the nearest hundredth of a percent, the APY is \( APY = 3.40\% \). In just one year, Maurice has turned his savings into a bit more! It’s like a little money magic. Plus, with APY, he now knows just how much more fruitfully his money can grow!