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Sagot :
The amount that will be there in Henry's account after a period of 6 years will be $1,925.765.
What is compound interest?
Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.,
[tex]A = P(1+ \dfrac{r}{n})^{nt}[/tex]
The amount that Henry put in the account is $1700, while the compound interest on that account is 2.1% annually. Also, the time for which the amount is kept in the account is 72 months which is equal to 6 years.
Now, the total amount in Henry's account after a period of 6 years will be,
[tex]\rm Account\ Balance = \$1700(1+0.021)^6[/tex]
[tex]= \$1700(1.021)^6\\\\= \$1,925.765[/tex]
Hence, the amount that will be there in Henry's account after a period of 6 years will be $1,925.765.
Learn more about Compound Interest:
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