James and terry open a savings account that has a 2.75% annual interest rate, compounded monthly. they despoit $400. into the account each month. how much will be in the account after 20 years.

The account after 20 years is $73798.8.

Step-by-step explanation:

Given : James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They despoit $400. Into the account each month.

To find : How much will be in the account after 20 years ?

Solution :

Using monthly payment formula,

Discount factor is

Substitute in the formula,

Where, M=$400 amount deposited monthly

r= 2.75%=0.0275 is the interest rate

t=20 years is the time

Substitute the value,

Therefore, the account after 20 years is $73798.8.

don't know sorry bru

step-by-step explanation:

it is b)

hope this : )

step-by-step explanation: