Savings Plan. The formulagives the amount S accumulated in a savings plan when a deposit o...

Savings Plan. The formula

gives the amount S accumulated in a savings plan when a deposit of P dollars is made each month for t years in an account with interest rate r, compounded monthly.

James deposits $250 in a retirement account each month beginning at age 40. If the investment earns 5% interest, compounded monthly, how much will have accumulated in the account when he retires 27 years later?