Mathematics · Financial Mathematics

An individual wishes to establish a retirement fund by investing in an annuity certain due. The plan involves depositing 2,50,000 at the beginning of every year for a period of 15 years into a specialized pension scheme that guarantees an annual effective return of 8.5 percent. Upon completion of the 15-year accumulation phase, the individual intends to let the fund grow for another 5 years without any further deposits before starting withdrawals. What is the total accumulated value of this fund at the end of the 20th year?