Answer:
$5,641.56
Explanation:
Since the constant amount is paid at the end of each year, therefore the investment at the end of the eight year will be determined through the future annuity formula which is given as follow:
Investment value after eight years=R[(1+i)^n-1)/i]
Where
R= annual payment=$570
i= interest rate=6%
n=number of payments to be made=8
Investment value after eight years=570[(1+6%)^8-1)/6%]
=$5,641.56
