Answer
$\$ 12,966.59$
Work Step by Step
We are given:
$R=500, i= \frac{0.08}{12}=0.00\bar6, n=24$
The amount of an annuity is given by:
$A_{f}=R \frac{(1+i)^{n}-1}{i}$
$A_{f}=500\frac{(1+0.0066667)^{24}-1}{0.0066667}=\$ 12,966.59$
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