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24 September, 13:45

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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  1. 24 September, 14:07
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    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.
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