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? round to the nearest cent.

The value of the amount after 10 years is $34,000.

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?

The amount after 10 years is determined by following formula;

Where Principal = $20,000, rate = 5.5%, and time = 10 years

Substitute all the values in the formula;

Hence, the value of the amount after 10 years is $34,000.

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