Concept:
In a redox titration, the total number of gram-equivalents of the reducing agent consumed is equal to the total number of gram-equivalents of the oxidizing agent consumed.
Thus,
\[
\text{Equivalents of Reducing Agent}
=
\text{Equivalents of Oxidizing Agent}
\]
Using the relation
\[
\text{Equivalents}=M\times V\times n
\]
we obtain
\[
M_1V_1n_1=M_2V_2n_2
\]
where $n$ denotes the $n$-factor.
Step 1: Determine the $n$-factor of $\text{M^{2+}$}
The metal ion is oxidized according to
\[
\text{M}^{2+}\rightarrow \text{M}^{4+}+2e^-
\]
Since two electrons are lost,
\[
n_1=2
\]
Step 2: Determine the $n$-factor of permanganate ion
In acidic medium,
\[
\text{MnO}_4^- + 8H^+ +5e^-
\rightarrow
\text{Mn}^{2+}+4H_2O
\]
One mole of permanganate gains five electrons.
Therefore,
\[
n_2=5
\]
Step 3: Apply the equivalence relation
Given:
\[
M_1=0.02\,\text{M}
\]
\[
V_1=500\,\text{mL}
\]
\[
M_2=x\,\text{M}
\]
\[
V_2=500\,\text{mL}
\]
Substituting into
\[
M_1V_1n_1=M_2V_2n_2
\]
gives
\[
0.02\times 500\times 2
=
x\times 500\times 5
\]
The common factor $500$ cancels:
\[
0.02\times 2=5x
\]
\[
0.04=5x
\]
\[
x=\frac{0.04}{5}
\]
\[
x=0.008\,\text{M}
\]
\[
x=8\times 10^{-3}\,\text{M}
\]
Hence, the required molarity of $\text{MnO}_4^-$ solution is
\[
\boxed{8\times 10^{-3}\,\text{M}}
\]