IDNLearn.com provides a user-friendly platform for finding and sharing accurate answers. Get the information you need quickly and accurately with our reliable and thorough Q&A platform.
Sagot :
The amount in Jay's account after 6 years is $357.20.
Given that, the principal=$285, time period=6 years and rate of interest =1.9%.
We need to find the amount in Jay's account after 6 years.
How to calculate the compound interest?
Compound interest, or 'interest on interest', is calculated using the compound interest formula. The formula for compound interest is [tex]A=P(1+\frac{r}{100} )^{nt}[/tex], where P is the principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.
Now, [tex]A=285(1+\frac{1.9}{100} )^{6}=285(1.019)^{6}[/tex]
=285×1.1195=$357.20
Therefore, the amount in Jay's account after 6 years is $357.20.
To learn more about compound interest visit:
https://brainly.com/question/26457073.
#SPJ4
Thank you for contributing to our discussion. Don't forget to check back for new answers. Keep asking, answering, and sharing useful information. Thank you for choosing IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more solutions.
