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 value of this account in 10 years is given by the formula:

FV = P * (1+r) ^t

where FV is the future value in the account after 10 years (to be calculated)

P is the principal invested at the beginning

r is the interest rate and

t is the time horizon in years

Given, Invested Amount (P) = 20,000

Interest rate (r) = 5.5% = 0.055

Time horizon (t) = 10 years = 10

Substituting the formula, FV = 20,000 * (1+0.055) ^10 = 20,000*1.055^10 = 20,000*1.708144458 = 34,162.89

The value of this account after 10 years = $34,162.89 (Rounded to the nearest cent)