You are going to pay $100 into an account at the beginning of each of the next 40 years. At the beginning of the 41st year, you buy a 30-year annuity whose first payment comes at the end of the 41st year (the account pays 12%).

How much wll you receive at the end of the 41st year (i.e., the first annuity payment)? Round to the nearest $100.

Please show the formula to how you get the answer.