Answer:
The balance in 2020 is $47,810,662.65576
Step-by-step explanation:
In order to find the balance in 2020, first we would have to calculate the number of year as follows:
number of years, t=2020-1626
number of years, t=394
Therefore, to calculate the balance in 2020, we would have to use the following formula:
f(t)= 24(1.0375)∧394
f(t)=24*1,992,110.94399
f(t)=$47,810,662.65576
The balance in 2020 is $47,810,662.65576
