If the apy of a savings account is 3.7%, and if the principal in the savings account were $3600 for an entire year, what will be the balance of the savings account after all the interest is paid for the year?

Question

Mathematics

Santino

29 July, 02:48

If the apy of a savings account is 3.7%, and if the principal in the savings account were $3600 for an entire year, what will be the balance of the savings account after all the interest is paid for the year?

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Aracely Bowen · Answer 1

That would be A = P (1+r) ^t, where P is the initial amount and r is the annual interest rate. For 1 year, t = 1.

Then A = $3600 (1+0.037) ^1 = $3733.20, including interest.