Given: An investment of $20000 for 6 years at 5.5%.
Required: To determine the accumulated value of the money is compounded monthly.
Step-by-step explanation: The formula for compound interest is-
where n is the number of times, interest is compounded in a year. Here we have-
Substituting the values into the formula as-
Further solving-
Final Answer: The accumulated value of the money is $27,798.40