Answer:
1388 dollars 77 cents.
Step-by-step explanation:
Since, the amount formula in compound interest is,
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where, P is the principal amount,
r is the annual rate,
n is the number of periods in a year,
t is the number of years,
Given,
P = $ 1,282,
r = 1 % = 0.01,
n = 353,
t = 8 years,
Hence, the amount after 8 years would be,
[tex]A=1282(1+\frac{0.01}{353})^{2824}[/tex]
[tex]=\$ 1388.77244711[/tex]
[tex]\approx \$ 1388.77[/tex]
= 1388 dollars 77 cents.
