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Answer:
Accumulated amount will be $2504.90.
Step-by-step explanation:
Formula that represents the accumulated amount after t years is
A =
Where A = Accumulated amount
= Initial amount
r = rate of interest
n = number of times initial amount compounded in a year
t = duration of investment in years
Now the values given in this question are
= $1000
n = 12
r = 4.6% = 0.046
t = 20 years
By putting values in the formula
A =
=
=
= 1000×2.50488
= 2504.88 ≈ $2504.90
Therefore, accumulated amount will be $2504.90.