It is January 1, 2021 and you work for a company that deposits $7,000 on...
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It is January 1, 2021 and you work for a company that deposits $7,000 on December 31st every year into a retirement plan. The first payment was yesterday. You will earn 6% in an annuity compounded annually, and there are no taxes due on the income in the account as long as you don't withdraw it. Assume you work at this company for your whole career, and you expect to retire soon after the end of 2040. How much will be in this account at close of business on December 31, 2040? Show all work.
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