Henry deposited $1700 in a savings account
1 answer:
The amount that will be there in Henry's account after a period of 6 years will be $1,925.765.
<h3>What is compound interest?</h3>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.,
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,
Hence, the amount that will be there in Henry's account after a period of 6 years will be $1,925.765.
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