Answer
$\$ 13,435.19$
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:
$R =500,\ n =20$,
$i=\displaystyle \frac{0.06}{2}=0.03$.
$A_{f}=500\displaystyle \times\frac{(1.03)^{20}-1}{0.03}=\$ 13,435.19$
