a tax Deferred keogh account

Question

Suppose you contribute $20,000 in an account at the end of the year.How much would you have at the end of 20 years if the account pays 8% annual interest.

Answer 1

hint: Using the formula $A = P(1+i)^n, i = \dfrac{r}{n} = \dfrac{0.08}{1} = 0.08, n = 20, P = 20,000$. Can you find $A$?