Final answer:
The 8-year annuity factor can be calculated using the formula provided.
Step-by-step explanation:
The formula given is for calculating the annual annuity factor.
To calculate the 8-year annuity factor, plug in the values into the formula:
8-year annuity factor = [1−(1+0.05)^−⁸/0.05]
Solving the equation will give the answer.