You deposit $2000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 35 years?

To solve this problem, we can use the formula for the future value of an ordinary annuity, since you are making regular, annual deposits:

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

Where:
- $A$ is the future value of the annuity (the total amount in the account after 35 years),
- $P$ is the annual deposit ($2000),
- $r$ is the annual interest rate (6% or 0.06),
- $n$ is the number of years (35 years).

Let's calculate:

\[
A = 2000 \times \frac{(1 + 0.06)^{35} - 1}{0.06}
\]

First, calculate $ (1 + 0.06)^{35} $:

\[
(1 + 0.06)^{35} = 1.06^{35}
\]

Now, I'll compute the full expression for $A$.The total amount you will have in the account after 35 years is approximately **$222,869.56**.

Would you like further details or clarifications on this? 

Here are 5 related questions you might find interesting:
1. What would happen if the interest rate changed to 8%?
2. How does the future value change if you deposit for 40 years instead of 35?
3. What would be the future value if you deposited $3000 annually?
4. How does the compounding frequency (monthly or quarterly) affect the future value?
5. What is the difference between an ordinary annuity and an annuity due?

**Tip:** Regular contributions to an account with compound interest significantly increase the future value due to the power of compounding.

Learn how to calculate the future value of annual $2000 deposits into an account earning 6% interest compounded annually over 35 years. This problem involves the future value of an annuity formula and demonstrates the impact of compound interest on long-term savings. Suitable for Grades 10-12.

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