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?

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

step-by-step explanation:

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