1. We are given a monthly payment of $20.34 for a cell phone over a period of two years. 2. To find the total cost, we need to calculate the number of months in two years: $$2 \text{ years} \times 12 \text{ months/year} = 24 \text{ months}$$ 3. The total cost is the monthly payment multiplied by the total number of months: $$20.34 \times 24 = 488.16$$ 4. Since the problem asks to round to the nearest hundredth, and the value is already at two decimal places, the final answer is $488.16$. **Final answer:** $488.16$