Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Discover a wealth of knowledge from experts across different disciplines on our comprehensive Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
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:
https://brainly.com/question/25857212
#SPJ1
Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
