I put my iphone in the washer?

I accidentally scooped up my iphone 5 with my sheets. It was in the washer, with hot water, for 20 minutes. I pulled it out immediately after I'd noticed it was gone. It's been in a closed bag of rice for about 3 hours so far. How long should I keep it in there?

Is it past being able to be saved? Should I just buy a new one? I'm not really sure if I should go out and buy a new one if a new iphone is coming out soon. Does anyone know?

There are professionals who specialise in fixing things like this, for around £50, although everything may be wiped