Given: An investment of $20000 for 6 years at an interest rate of 5.5%.
Required: To determine the accumulated value if the money is compounded continuously.
Explanation: The formula for continuous compound interest is-
[tex]A=Pe^{rt}[/tex]
Here,
[tex]\begin{gathered} P=20000 \\ t=6 \\ r=0.055 \end{gathered}[/tex]
Substituting the values into the formula as follows-
[tex]\begin{gathered} A=20000e^{0.055\times6} \\ \end{gathered}[/tex]
Further solving-
[tex]A=27819.36[/tex]
Final Answer: The accumulated value of the money is $27819.36
