To calculate the balance in the account at the end of the two years, we can use the formula for compound interest:
A = P(1 + r)^n
Where:
A = the future value of the investment/loan
P = the principal investment amount (the initial deposit)
r = the annual interest rate (in decimal form)
n = the number of years the money is invested for
In this case, P = $6100, r = 0.031, and n = 2. Plugging those values into the formula:
A = $6100(1 + 0.031)^2
A = $6100(1.031)^2
A = $6100(1.062358)
A = $6484.06
Therefore, the balance in the account at the end of two years would be $6484.06.
So, the correct answer is:
$6484.06