Chapter 10.6, Problem 12E

In Exercises 9-12, use the ordinary annuity formula

$A=\frac{p\left[{\left(1+\frac{r}{n}\right)}^{\left(n\cdot t\right)}-1\right]}{\left(\frac{r}{n}\right)}$

to determine the accumulated amount in each annuity. Round all answers to the nearest cent.

12. $200 invested monthly for 40 years at a 6% interest rate compounded monthly