Answer:
Approximately $594.38
Step-by-step explanation:
Use the formula: y = a(1 + r)^t
a is the initial amount
r is the percent of interest in decimal form
t is the time in years
y is the money after t years
Substitute the values given in the problem into the equation:
400(1+0.02)^20
Use a calculator or solve manually
Around 594.38
39.5854 (this answer is rounded)
