Answer:
$2,061,941.74
Step-by-step explanation:
The computation of the amount in 40 years is shown below:
Given that
PMT = $200 × 12 = $2,400
NPER = 40
RATE = 12%
PV = $0
The formula is shown below:
= -FV(RATE;NPER;PMT;PV;TYPE)
After applying the above formula, the future value is $2,061,941.74
