Answer
${{\$}} 96,885.98$
Work Step by Step
THEOREM: Amount of an Annuity
Suppose that $P$ is the deposit in dollars made at the end of each payment period
for annuity paying i percent interest per payment period.
The amount $A$ of the annuity after $n$ deposits is$ A=P\displaystyle \frac{(1+i)^{n}-1}{i}$
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$P=500$
$n=80$
$i=\displaystyle \frac{0.08}{4}=0.02$
$A=500\displaystyle \frac{(1+0.02)^{80}-1}{0.02}\approx 96,885.98$
