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If the APY of a savings account is 1.8% and if the principal in the savings account was $2200 for an entire year, what will the balance of the savings account be after all the interest is paid for the year?

Respuesta :

the answer total comes to 2239.60

Answer:

Thus, The balance of the savings account after all the interest is paid for the year = $2239.60

Step-by-step explanation:

Principal = $2200

Rate of Interest = 1.8%

                          = 0.018

Time = 1 year

Now, Simple Interest = Principal × Rate × Time

⇒ Simple Interest = 2200 × 0.018 × 1

⇒ Simple Interest = $39.60

Now, Amount in the savings account = Principal + Interest

⇒ Amount = 2200 + 39.60

⇒ Amount = $2239.60

Thus, The balance of the savings account after all the interest is paid for the year = $2239.60

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