Jill invested $20,000 in an account that earned 5.5% annual interest, compounded annually. What is the value of this account after 10 years? Express your answer rounded to the nearest cent.

A = $ 34,162.89

Step-by-step explanation:

A = $ 34,162.89

A = P + I where

P (principal) = $ 20,000.00

I (interest) = $ 14,162.89

Compound Interest Equation

A = P(1 + r/n)nt

Where:

A = Accrued Amount (principal + interest)

P = Principal Amount

I = Interest Amount

R = Annual Nominal Interest Rate in percent

r = Annual Nominal Interest Rate as a decimal

r = R/100

t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

n = number of compounding periods per unit t; at the END of each period

step-by-step explanation:

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