Final answer:
The total balance of Jackie's investment at the end of 6 years will be $20,662.94.
Step-by-step explanation:
To calculate the total balance, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A is the total balance
P is the principal amount (initial investment)
r is the annual interest rate (in decimal form)
n is the number of times interest is compounded per year
t is the number of years
In this case, P = $17,000, r = 0.038 (3.8% expressed as a decimal), n = 1 (interest is compounded annually), and t = 6. Substituting these values into the formula:
A = $17,000(1 + 0.038/1)^(1*6) = $20,662.94