One latest institution question and answer asked students to state what they agree to is the most crucial important element for a student to do if they wanted to get success. One which response stood out from the rest was practice. Successful people are certainly born successful; they become successful by just hard work and commitment. If you would like to attain your goals, keep this in mind! in the following paragraphs are one of the answer and question example that you possibly will utilize to practice and enriches your knowledge and also give you insights that may assist you to maintain your study in school.

## Question:

If the APY of a savings account is 2.6% and if the principal in the savings account was $2400 for an entire year, what will be the balance of the savings account after all the interest is paid for the year?

## Answer:

**Answer:**

$2462.40

**Step-by-step explanation:**

We have been given that the APY of a savings account is 2.6% and the principal in the savings account was $2400 for an entire year.

To find the balance of the savings account after all the interest is paid for the year, we will use compound interest formula.

, where,

A= Final amount after T years.

P= Principal amount.

r= Interest rate in decimal form.

n= Period of compounding.

T= Time in years.

Upon substituting our given values in above formula we will get,

**Therefore, the balance of the savings account after all the interest is paid for the year will be $2462.40.**

From the answer and question examples above, hopefully, they can possibly guide the student sort out the question they had been looking for and keep in mind of each and every thing declared in the answer above. Then would certainly carry out some sharing in a group discussion and also study with the classmate with reference to the topic, so another student also has some enlightenment and still keeps up the school learning.