Answer:at the end of 2 years, there will be approximately $1,439.28 in Jack's account.
Explanation:
To calculate the amount in Jack's account at the end of 2 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount in the account
P = the principal amount (initial deposit)
r = annual interest rate (as a decimal)
n = number of times interest is compounded per year
t = number of years
In this case, Jack deposited $1,150 at an annual interest rate of 11.9% for 2 years. Let's calculate the final amount in his account.
First, we need to convert the annual interest rate to a decimal by dividing it by 100:
r = 11.9% / 100 = 0.119
Since the question does not specify how many times the interest is compounded per year, we will assume it is compounded annually (n = 1).
Plugging in the values into the formula:
A = $1,150(1 + 0.119/1)^(1*2)
A = $1,150(1 + 0.119)^2
A = $1,150(1.119)^2
A ≈ $1,150(1.251561)
A ≈ $1,439.28
Therefore, at the end of 2 years, there will be approximately $1,439.28 in Jack's account.