Answer
$\$ 5,591.79$
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:
$n=16,\ \mathrm{R}=\$ 300$,
quarterly payments:
$i=\displaystyle \frac{0.08}{4}=0.02$.
$A_{f}=300\displaystyle \times\frac{(1+0.02)^{16}-1}{0.02}=\$ 5,591.79$
