Answer:
19.6
Step-by-step explanation:
21+3=24
24-7.20=16.8
4+2=6
6-8.80=-2.8
It took about 0.66 hour, which is basically 40 minutes.
Compound continuously:
FVn = PV x e^rn
where
PV = $20,000
r = 3.85%
n = 12 years
plugin values into the formula:
FV₁₂ = $20,000 x e ⁰°⁰³⁸⁵ ⁽¹²⁾
FV₁₂ = $31,745
