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James and Terry will have US$ 159,744.59 in their account after 20 years. The correct answer is B. US$ 159,744.59.

Step-by-step explanation:

1. Let's review the information given to us for solving the question:

Monthly saving = US$ 500

Annual Interest rate = 2.75%

Monthly interest rate = 0.0275/12 = 0.002292 = 0.23%

Duration of the investment = 20 years = 240 months

2. For calculating how much James and Terry will have in their account after 20 years we use the Future value formula, this way:

FV = Monthly saving * [(1 + Monthly Interest rate) ^number of periods - 1/ Monthly interest rate]

Replacing with the real values, we have:

FV = 500 *  [(1 + 0.002292) ^240 - 1/ 0.002292]

FV = 500 *  [(1.732162 - 1/ 0.002292]

FV = 500 *  [0.732162/ 0.002292]

FV = 500 * 319.489185

FV = 159,744.59

James and Terry will have US$ 159,744.59 in their account after 20 years. The correct answer is B. US$ 159,744.59

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