Answer
$\$ 90,155.46$
Work Step by Step
An annuity is an account earning compound interest from which periodic withdrawals are made.
Suppose that the account starts with a balance of PV.
If you receive a payment of PMT at the end of each compounding period , and the account is down to $\$ 0$ after t years, or n=mt periods, then
$ PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i},\qquad$where $i=\displaystyle \frac{r}{m}$
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given: $\\$
$t=20$ years,
annual rate: r =$0.03$
m=$12 \ \ \ $compounding periods per year,
$\displaystyle \mathrm{i}=\frac{r}{m}=\frac{0.03}{12}=0.0025 \ \ $(rate per compounding period$)$
$n=mt=240 \ \ $(total number of periods)
$PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i}$
$=500\displaystyle \cdot\frac{1-(1+0.0025)^{-240}}{0.0025}$
$\approx$90155.4572062