Lily invested $90,000 in an account paying an interest rate of 4.6% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $221,200?

20 years. ($221,246.39, to be exact.)

Step-by-step explanation:

Compound interest is a system where the interest rate always applies for the amount you first put your money in. So if you put 90,000 dollars as your first deposit, the annual interest would only apply to $90,000 every time.

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