How much can be accumulated for retirement if $2000 is deposited annually beginning 1 year from today and the account earns 9% interest compounded annually for 40 years?

Therefore, can be accumulated 675764.8 $

Step-by-step explanation:

From Exercise, we know that is:

$2000 is deposited

9% interest

for 40 years

We have the formula, we use this formula to calculate accumulation:

ACC = [/frac{ (1.09) ^{40}-1) {0.09}] ·2000

ACC=[/frac{30.40942}{0.09} · 2000

ACC=337.8824·2000

ACC = 675764.8 $

Therefore, can be accumulated 675764.8 $