The future value of an annuity is given by the formula
[tex]FV=P\left[\frac{\left(1+r\right)^n-1}{r}\right][/tex]
where
FV is the future value
P is the periodic payment
n is the number of periods
r is the rate
Substituting the given values into the formula, we have
[tex]FV=500\left[\frac{\left(1+0.08\right)^8-1}{0.08}\right]=5318.31[/tex]
The value of Don's annuity at the end of 8 years is $5,318.31.
