Answer:
$183,539.78
Step-by-step explanation:
Compounded interest can be found through this formula
[tex]A=P(1+\frac{r}{n})^ {nt}\\[/tex]
Where A is the final amount
P is the principle amount
r is the rate
n is the number of cycles per year
and t is number of years
plugging in the values
[tex]550000=P(1+\frac{0.055}{12})^{12(20)}\\\\550000=P(\frac{12.055}{12})^{240}\\\\\frac{550000}{(\frac{12.055}{12})^{240}}=P\\\\[/tex]
P=183,539.78122108812435857382543087...
P=183,539.78
