Question: The answer is $21,374.10 Please show step by step and formulas used. Problem 32.3 Julie has a sum of money, S, invested in a fund

The answer is $21,374.10 Please show step by step and formulas

The answer is $21,374.10

Please show step by step and formulas used.

Problem 32.3 Julie has a sum of money, S, invested in a fund which earns 10%. Each year the fund pays the interest earned to Julie. Julie can only reinvest the interest at an annual effective interest rate of 6%. After 20 years, Julie has 100,000 total including the amount in the fund plus the reinvested interest. Calculate S

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