Answer: $1,282.31 in the account after 8 years.
Explanation:
To calculate the future value of the investment, we can use the formula for compound interest:
A = P * (1 + r/n)^(n*t)
where:
A = the future value of the investment
P = the principal amount (initial investment)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, we have:
P = $1,000.00 (the initial deposit)
r = 3.44% = 0.0344 (the annual interest rate)
n = 12 (the number of times the interest is compounded per year, since it is compounded monthly)
t = 8 (the number of years)
So, plugging in the values:
A = $1,000.00 * (1 + 0.0344/12)^(12*8)
A = $1,000.00 * (1 + 0.0028666666666667)^96
A = $1,000.00 * 1.2823139327534472
A = $1,282.31 (rounded to the nearest cent)
Therefore, you will have approximately $1,282.31 in the account after 8 years.