The amount of money accumulated after investing the given amount of money at the given rate and time period is $85389.
Interest is simply the amount of money a lender or financial institution receives for lending out money or pays for receiving money.
The formula for calculating compound interest is expressed as;
A = P(1 + r/k)^(k*t)
Where A is final amount, P is initial principal balance, r is interest rate, k is number of times interest applied per time period and t is number of time periods elapsed.
Given that;
A = P(1 + r/k)^(k*t)
A = 40500(1 + 0.038/1)¹ˣ²⁰
A = 40500 × (1.038)²⁰
A = 40500 × 2.10837
A = $85389
Therefore, the amount of money accumulated after investing the given amount of money at the given rate and time period is $85389.
Learn more about compound interest here: brainly.com/question/27128740
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