Answer:
The amount which will be in account after 6 years is $ 1120 .
Step-by-step explanation:
Given as :
The principal in the account = $740
The rate of interest = 6.7 % compounded monthly
The time period = 6 years
Let the Amount in the account after 6 years = A
<u>From compound interest method </u>
Amount = Principal ×
Or, A = $ 740 ×
Or, A = $ 740 ×
or, A = $ 740 × 1.5164 = $ 1122.136
Hence The amount which will be in account after 6 years is $ 1120 . Answer