Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8 percent annually. The final value of Joe's investment at the end of the 20th year on this ordinary annuity

The answer is $411858

Compound interest formula is:

P = A (rˣ-1) / r

P - final amount

A - final amount

r - interest rate

x - time period

P = ?

A = 9000

r = 8% = 8/100 = 0.08

x = 20

P = A (rˣ-1) / r

P = 9000 (1.08²⁰ - 1) / 0.08

P = 9000 * 45.762

P = $411858