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IRINA_888 [86]
3 years ago
11

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 th

e balance of the savings account after all the interest is paid for the year​
Mathematics
1 answer:
daser333 [38]3 years ago
7 0

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

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iren [92.7K]
Hi there,

1) 
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Hence, W = 9

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4)
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