A bank features a savings account that has an annual percentage rate of \( 3.3 \% \) with interest compounded semi-annually. Riley deposits \( \$ 11,000 \) into the account. What is the annual percentage yield (APY) for the savings account? \( A P Y=\square \% \) Round to the nearest hundredth of a percent.

To calculate the annual percentage yield (APY), we use the formula: \[ APY = \left(1 + \frac{r}{n}\right)^{n \times t} - 1 \] Where: - \( r \) is the nominal interest rate (3.3% or 0.033) - \( n \) is the number of compounding periods per year (2 for semi-annual) - \( t \) is the number of years (1 for one year) Plugging in the values: \[ APY = \left(1 + \frac{0.033}{2}\right)^{2 \times 1} - 1 \] This simplifies to: \[ APY = \left(1 + 0.0165\right)^{2} - 1 \] \[ APY = \left(1.0165\right)^{2} - 1 \] \[ APY \approx 1.033335 - 1 \] \[ APY \approx 0.033335 \] To convert this to a percentage: \[ APY \approx 3.33\% \] So, the annual percentage yield (APY) for the savings account is \( \boxed{3.33\%} \).