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The question is asking to find the future value of an ordinary annuity. Here's the relevant information from the problem:

- **PMT** (Periodic payment) = $1000
- **Interest rate (i)** = 7.9% (compounded annually)
- **Number of years (n)** = 8 years

To calculate the future value (FV) of an ordinary annuity, the formula is:

\[
FV = PMT \times \frac{(1 + i)^n - 1}{i}
\]

Where:
- **PMT** = $1000 (the payment made at the end of each period),
- **i** = 0.079 (7.9% annual interest rate),
- **n** = 8 (number of periods, since it's compounded annually).

### Step-by-step solution:
1. Convert the interest rate to decimal form:  
   $ i = \frac{7.9}{100} = 0.079 $
   
2. Plug the values into the formula:
\[
FV = 1000 \times \frac{(1 + 0.079)^8 - 1}{0.079}
\]
   
3. Calculate $(1 + 0.079)^8$:
\[
(1 + 0.079)^8 = 1.079^8 \approx 1.85093
\]

4. Subtract 1:
\[
1.85093 - 1 = 0.85093
\]

5. Divide by the interest rate:
\[
\frac{0.85093}{0.079} \approx 10.772
\]

6. Multiply by the periodic payment (PMT):
\[
FV = 1000 \times 10.772 = 10772
\]

Thus, the future value of the annuity is approximately **$10,772**.

Would you like a detailed explanation of any part of the process or have any other questions?

### Here are 5 related questions:
1. What is the difference between an ordinary annuity and an annuity due?
2. How does changing the interest rate affect the future value of an annuity?
3. How is the formula for future value different if the compounding is monthly instead of annually?
4. What is the present value of an annuity, and how is it calculated?
5. How does increasing the number of years impact the future value of an annuity?

### Tip: Always convert percentages to decimal form when using them in formulas!

Find the future value of the ordinary annuity. Interest is compounded annually. PMT = $1000, i = 7.9% compounded annually for 8 years.

Learn how to calculate the future value of an ordinary annuity with $1000 annual payments at a 7.9% interest rate, compounded annually for 8 years. This problem applies the future value of annuity formula, a key concept in finance and compound interest. Suitable for high school students in Grades 10-12.

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