Question 1054709
amount=d(1+(r/n)^nt-1)/(r/n)
d=amount deposited monthly, r=0.0275, n=12, 12 compoundings a year, and nt=240, number of compoundings in 20 years.
=500{[(1+(.0275)/12)^240]-1)}/(.0275/12)
do the 1+(.0275/12), then raise it to the 240th power, then subtract 1, then divide by (.0273/12) and multiply the result by 500
round at end.
$159,744.59