You deposit $20,000 in an account that pays 7.77% annual interest. Find the balance after 2 years when the interest is compounded monthly.
The balance after 2 years is $.

=$23,350.802

Step-by-step explanation:

Compound Interest (A)=P(1+r/n)^nt

Where,

P=principal=$20,000

r=Interest rate=7.77%=7.77/100

=0.0777

n=number of periods=12 month in a year

t=time=2 years

(A)=P(1+r/n)^nt

=$20,000(1+0.0777/12)^12×2

=$20,000(1+0.006475)^24

=$20,000(1.006475)^24

=$20,000(1.1675401)

=$23,350.802

answer: city needs 2.4 inches of rainfall more to match the record of 40 inches.

step-by-step explanation:

since we have given that

total annual rainfall a city record = 40 inches

this year, total rainfall recorded = 37.6 inches

number of inches of rainfall   is needed to match the record of 40 inches is given by

hence, city needs 2.4 inches of rainfall more to match the record of 40 inches.

i think it is 70

step-by-step explanation: