Starting today, a series of annual deposits is made into an account offering 8 percent compounded annually. The first deposit is $2,000. The second deposit is 2 percent smaller than the first, that is, $2,000 (0.98)1. The third deposit is 2 percent smaller than the second, that is, $2,000 (0.98)2. This pattern of declining deposits, with each deposit being 2 percent smaller than the previous one, continues until the last deposit is made at the end of year 40, that is, 40 years from today. What will be the balance in the account at the end of year 40, immediately after the last deposit is made?

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