Question

if the apy of a savings account is 3.9% and if the principal in the savings account is $3,700 for an entire year what will be the balance of the savings account after all the interest is paid for the year​

Answer 1

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;

$A=p(1+r)^{n} \\A = 3700(1+\frac{3.9}{100})^{1}\\ A=3844.30$

Therefore, the balance of the savings account after all the interest is paid for the year​ is $3,844.30