9514 1404 393
Answer:
$92,400
Step-by-step explanation:
The amount in the account after t years is ...
A = P(1+rt)
where P is the principal invested, r is the annual interest rate, and t is the number of years.
Here, the number of years is (240 months)/(12 months/year) = 20 years, so the formula tells you the amount is ...
A = $28,000(1+0.115*20) = $28000(3.3) = $92400
The total amount in the account after 240 months is $92,400.
