(Answered) If the current rate of interest is 8 apr then the future

Finance

If the current rate of interest is 8% APR, then the future value of an investment that pays $500 every two years and lasts 20 years is closest to:

The answer is 10978.91. Because the interest rate is 0.1664. How do you get that number? Why is it not 0.16?

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