Answer
See below.
Work Step by Step
The nth term of a geometric series can be obtained by the following formula: $a_n=a_1\cdot r^{n-1}$, where $a_1$ is the first term and $r$ is the common ratio.
Hence here: $a_6=32000\cdot1.06^{6-1}\approx42823$
The total amount of money is the sum of the geometric series with first term $a_1=32000$, common ratio $r=1.06$ from $i=1$ to $i=6$.
The sum of a geometric sequence until $n$ can be obtained by the formula $S_n=a_1(\frac{1-r^n}{1-r})$ where $a_1$ is the first term and $r$ is the common ratio. Hence here the sum if: $S_n=32000(\frac{1-1.06^6}{1-1.06})\approx223210$.
