#### Answer

$\$ 5,591.79$

#### Work Step by Step

We are given:
$R=300, i= \frac{0.08}{4}=0.02, n=16$
The amount of an annuity is given by:
$A_{f}=R \frac{(1+i)^{n}-1}{i}$
$A_{f}=300\frac{(1+0.02)^{16}-1}{0.02}=\$ 5,591.79$

Published by
Brooks Cole

ISBN 10:
1305115546

ISBN 13:
978-1-30511-554-5

$\$ 5,591.79$

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