Answer:
Jennifer will have $1608 in the account at the end of the 6th year.
Step-by-step explanation:
The compound interest formula is given by:
[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]
Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.
In this problem, we have that:
[tex]P = 1200, r = 0.05, t = 6, n = 1[/tex]
So
[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]
[tex]A = 1200(1 + \frac{0.05}{1})^{1*6}[/tex]
[tex]A = 1608[/tex]
Jennifer will have $1608 in the account at the end of the 6th year.
