Answer:
$3.94
Step-by-step explanation:
You will need to use the compound interest formula for this.
[tex]P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
Your equation will look like this:
[tex]3.31(1+\frac{.0088}{1} )^{20}[/tex] = 3.94
