we start off by changing whatever values we need to a common time frame, so it will be quicker if we take the interest rate and convert it into a monthly rate.
so we would have
now that we have it's nothing more then plugging it into the future value annuity formula which is:
, where i=interest, n is period, and since it's 8 years, we have 8*12=96
so plugging these values in we get: