Answer
$\$ 12,966.59$
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:
$R =500,\ n =24$,
$i=\displaystyle \frac{0.08}{12}\approx 0.0066667$.
$A_{f}=500\displaystyle \frac{(1+\frac{0.08}{12})^{24}-1}{\frac{0.08}{12}}=\$ 12,966.59$
