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

Inserting our values to solve for A we have

First evaluate the exponent to 2 log(1000x)=4
Then divide both sides by the same factor 2
Then cancel terms and divide to then simplify to get your answer as log(1000x)=2
(250 * 12) / 39,000 = 3000/39,000 which reduces to 1/13 <==
** I multiplied 250 by 12 to get the cost per yr