This problem involves an annuity, where regular payments are made into an account that earns compound interest. To calculate the total amount George will have after 17 years, we use the future value of an annuity formula:

$A = P \times \frac{(1 + r/n)^{nt} - 1}{r/n}$

Where:

• $A$ is the future value of the annuity (what we want to find),
• $P$ is the monthly payment ($40),
• $r$ is the annual interest rate (6.4% or 0.064),
• $n$ is the number of compounding periods per year (since the payments are monthly, $n = 12$),
• $t$ is the number of years (17 years).

Let's calculate this step-by-step.After 17 years, George will have approximately $14,698.22 in his annuity account.

Would you like more details on the calculation, or do you have any other questions?

Here are 5 related questions to explore further:

1. How would the result change if the interest rate were 5% instead of 6.4%?
2. What if George increased his monthly payment to $50? How would that affect the future value?
3. How does compounding quarterly instead of monthly change the total amount?
4. What would happen if George only invested for 10 years instead of 17?
5. What is the formula for the present value of an annuity?

Tip: Annuities benefit greatly from compounding interest over time, so starting earlier can significantly increase the final amount.