To calculate the total amount of money in a retirement account after a certain number of years with compound interest, you can use the formula:
\[ A = P(1 + r)^t \]
Where:
- \(A\) = the amount of money accumulated after n years, including interest.
- \(P\) = the principal amount (the initial amount of money).
- \(r\) = the annual interest rate (decimal).
- \(t\) = the number of years the money is invested or borrowed.
In this case:
- \(P = 15000\)
- \(r = 3.4% = 0.034\)
- \(t = 27\) years
Plugging in the values:
\[ A = 15000(1 + 0.034)^{27} \]
\[ A = 15000(1.034)^{27} \]
Now, we will calculate \( (1.034)^{27} \):
\[ (1.034)^{27} \approx 2.4596 \quad (\text{using a calculator}) \]
Now, we will multiply this value by 15,000:
\[ A = 15000 \times 2.4596 \approx 36894.00 \]
Thus, the total amount of the investment after 27 years is approximately \($36,894.00\).
Rounded to the nearest cent, the final amount in Chris's retirement account after 27 years is:
\[ \boxed{36894.00} \]