Answer:
$2466.55
Step-by-step explanation:
We use the formula for Compound Amount, the amount gotten after a particular time, to find the balance:
[tex]A = P(1 + r)^t[/tex]
where P = Principal = $700
r = rate = 6.5% = 0.065
t = time elapsed 20 years
Therefore:
[tex]A = 700(1 + 0.065)^{20}\\\\A = 700(1.065)^{20}\\[/tex]
A = $2466.55
The balance of the account will be $2466.55
