Answer
$\$ 30,324.28$.
Work Step by Step
The amount $A_{f}$ of an annuity consisting of
$n$ regular equal payments of size $R$
with interest rate $i$ per time period
is given by $\displaystyle \quad A_{f}=R\frac{(1+i)^{n}-1}{i}$
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Given
$R =1000$,
(annually = once a year)
$i=0.08$,
$n=16$.
$A=1000\displaystyle \times\frac{1.08^{16}-1}{0.08}=\$ 30,324.28$.
