Answer:
The account balance after 24 months will be $23,092.70
Step-by-step explanation:
Given data
P= $20,000
r= 7.77%= 0.077
t= 2 years
A= ?
n= 24
The compound interest formula is
[tex]A= P(1+t)^t[/tex]
Inserting our values to solve for A we have
[tex]A= 20000(1+\frac{0.077}{24} )^2^*^2^4\\\\A= 20000(1+0.003 )^2^*^2^4\\\\A= 20000(1.003 )^2^*^2^4\\\A= 20000(1.003 )^4^8\\\A= 20000*1.15463517818\\\A= 23092.7035636\\\A= 23,092.70[/tex]
