Answer:
Option D - $5370.30
Step-by-step explanation:
Given : If the APY of a savings account is 5.3%, and if the principal in the savings account is $5100 for an entire year.
To find : What will be the balance of the savings account after all the interest is paid for the year?
Solution :
First we find the interest he paid.
The interest formula is [tex]I=P\times R\times T[/tex]
Where, P is the principal P=$5100
R is the rate of interest R=5.3%=0.053
T is the time T=1 year
Substituting the values,
[tex]I=5100\times 0.053\times 1[/tex]
[tex]I=\$270.3[/tex]
The balance of the saving account is the sum of interest paid and principal value.
Amount = Interest +Principal
Amount = $270.3 +$5100
Amount = $5370.3
Therefore, Option D is correct.
