**You deposit $2,000 each year into an account earning 8.2% interest compounded annually.**

**How much will you have in the account in 15 years?**

*Do not round numbers while working on the problem.  Only round the final answer.*

*Since we are working with money, round to the cent.*

To determine the future value of the investment with regular annual deposits and compound interest, we'll use the **Future Value of an Annuity formula**:

\[
A = P \left( \frac{(1 + r)^n - 1}{r} \right)
\]

Where:
- $ A $ is the future value of the investment.
- $ P $ is the annual deposit ($2,000).
- $ r $ is the annual interest rate (8.2% or 0.082).
- $ n $ is the number of years the money is invested (15 years).

Substituting the given values:

\[
A = 2000 \left( \frac{(1 + 0.082)^{15} - 1}{0.082} \right)
\]

First, let's calculate $ (1 + 0.082)^{15} $:

\[
1.082^{15} \approx 3.255752
\]

Subtracting 1:

\[
3.255752 - 1 = 2.255752
\]

Next, divide by the interest rate (0.082):

\[
\frac{2.255752}{0.082} \approx 27.50978
\]

Finally, multiply by the annual deposit of $2,000:

\[
A = 2000 \times 27.50978 \approx 55019.56
\]

**Answer:** After 15 years, you will have approximately **$55,019.56** in the account.

---

Do you want more details or have any questions?

Here are 5 related questions you might find interesting:
1. How would the final amount change if the interest rate were 9% instead of 8.2%?
2. What is the total interest earned over the 15 years?
3. How much would you need to deposit each year to reach $70,000 in 15 years?
4. What happens if you increase the deposit to $2,500 per year?
5. How does changing the compounding frequency from annually to monthly affect the final amount?

**Tip:** Consistent investing, even in small amounts, can lead to significant growth over time due to the power of compound interest.

Discover how to calculate the future value of annual deposits with an 8.2% interest rate compounded annually over 15 years. Use the Future Value of an Annuity formula step-by-step. After 15 years, you'll have approximately $55,019.56 in the account.

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