I need help computing the Annual percentage yield (APY) for a savings account that earned $56 in interest on $800 over 365 days?

HELP PLEASE!

To compute the Annual Percentage Yield (APY) for a savings account, you will need to use the following formula:

APY = (1 + (Interest Earned / Principal)) ^ (365 / Days) - 1

In this case, you earned $56 in interest on a principal amount of $800 over 365 days. Now, let's calculate the APY step by step:

Step 1: Calculate the interest rate:
Interest Rate = (Interest Earned / Principal) * 100
Interest Rate = ($56 / $800) * 100
Interest Rate = 7%

Step 2: Convert the interest rate to a decimal:
Interest Rate (Decimal) = Interest Rate / 100
Interest Rate (Decimal) = 7% / 100
Interest Rate (Decimal) = 0.07

Step 3: Calculate the APY:
APY = (1 + Interest Rate (Decimal))^ (365 / Days) - 1
APY = (1 + 0.07)^(365 / 365) - 1
APY = (1 + 0.07)^(1) - 1
APY = 1.07 - 1
APY = 0.07 or 7%

So, the Annual Percentage Yield (APY) for the given savings account is 7%.