Hello, would this be considered a polynomial?

Hello, would this be considered a polynomial? It is a real life situation for a polynomial and it goes like this:

Harold opens a savings account with a 24% interest rate compounded yearly. What is the saving accounts annual percentage yield rounded to the nearest tenth? 

The polynomial would go like this.

(1+0.24-:12)^(12)-1 and yield an answer of 

.26824179

So the APY would be 26.82%, 26.8% when it is rounded to the nearest tenth.