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;
[tex]A=p(1+r)^{n} \\A = 3700(1+\frac{3.9}{100})^{1}\\ A=3844.30[/tex]
Therefore, the balance of the savings account after all the interest is paid for the year is $3,844.30
