Final answer:
To calculate the amount of money in the account after 17 years, you can use the formula A = Pe^(rt), where A is the final amount, P is the principal, e is the base of the natural logarithm, r is the interest rate, and t is the time in years. Plugging in the given values, the final amount is approximately $3355.
Step-by-step explanation:
To calculate the amount of money in the account after 17 years, we can use the formula A = Pe^(rt), where A is the final amount, P is the principal (initial amount), e is the base of the natural logarithm (approximately 2.718), r is the interest rate, and t is the time in years. In this case, P = $1,200, r = 6.4% = 0.064, and t = 17. Plugging in these values, we get:
A = 1200 * e^(0.064 * 17)
Using a calculator, we can find that e^(0.064 * 17) is approximately 2.796. Therefore, the final amount is:
A ≈ 1200 * 2.796 ≈ $3355