What is the answer 6.25=r2
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Answer:
The balance of the savings account after all the interest is paid for the year is $3,844.30
Step-by-step explanation:
In the question we have been given the Annual percentage yield as 3.9% , the principal as 3,700 and the time to be 1 year and asked to determine the accumulated amount in the savings account at the end of the year.
The accumulated amount can be determined using the compound interest formula;
Therefore, the balance of the savings account after all the interest is paid for the year is $3,844.30