Question

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?

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.