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Paha777 [63]
3 years ago
6

If the APY of a savings account is 3.9%, and if the principal in the savings account is $3700 for an entire year, what will be t

he balance of the savings account after all the interest is paid for the year?
A. 3900.00
B. 3844.30
C. 3714.43
D. 3700.00
Mathematics
2 answers:
Paul [167]3 years ago
6 0

Answer:

Option B.

Step-by-step explanation:

It is given that

AYP = 3.9%=0.039

Principal amount = $3700

Time = 1 year.

We need to find the balance of the savings account after all the interest is paid for the year.

The formula for amount is

A=P(1+r)^t

where, A is amount, P is principal, r is rate of return and t is time in years.

Substitute the given values.

A=3700(1+0.039)^1

A=3700(1.039)

A=3844.30

Therefore, the correct option is B.

joja [24]3 years ago
4 0

Answer:

Option B. \$3,844.30

Step-by-step explanation:

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=1\ years\\ P=\$3,700\\r=0.039

substitute in the formula above

A=\$3,700(1+0.039*1)=\$3,844.30

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