Answer
$\$ 96,885.98$
Work Step by Step
Let us consider that $P$ is defined as the deposit in dollars made at the end of each payment period for annuity, when a person pays $i$ percent interest per payment period.
The formula for amount $A$ of the annuity after $n$ deposits can be written as: $ A=P\cdot\dfrac{(1+i)^{n}-1}{i}$
We are given that $P=500 \\ n=80 \\ i=\dfrac{0.08}{4}=0.02$
Therefore,
$A=500\times \dfrac{(1+0.02)^{80}-1}{0.02}\approx \$ 96,885.98$
