Answer
$\$ 518,113.04$
Work Step by Step
The amount $A_{f}$ of an annuity consisting of
$n$ regular equal payments of size $R$
with interest rate $i$ per time period
is given by $\displaystyle \quad A_{f}=R\frac{(1+i)^{n}-1}{i}$
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Given:
$n=40,\ \mathrm{R}=\$ 2000$,
annual payments: $i=0.08$.
$A_{f}=2000\displaystyle \times\frac{(1+0.08)^{40}-1}{0.08}=\$ 518,113.04$
