Given data:
The given principal is P=$20,000.
The given rate of interest is r=6%.
The given time is t=20 years.
The expression for the interest is,
[tex]I=P(1+\frac{r}{100})^t-P[/tex]Substitute the given values in the above expression.
[tex]\begin{gathered} I=20,000(1+\frac{6}{100})^{20}-20,000 \\ =20,000(1.06)^{20}-20,000 \\ =44,142.71 \end{gathered}[/tex]Thus, the interest earned after 20 years is $44,142.71, so (C) option is correct.
