Final answer:
To calculate the amount in your account after 8 years with monthly compounding, use the compound interest formula. The correct amount is approximately €12,963.99.
Step-by-step explanation:
To calculate the amount in your account after 8 years with monthly compounding, we can use the compound interest formula:
A = P(1 + r/n)^(nt)
Where:
P = Principal amount (initial investment)
r = Annual interest rate (in decimal form)
n = Number of times the interest is compounded per year
t = Number of years
In this case, P = 9097 euro, r = 7.595% or 0.07595, n = 12 (since interest is compounded monthly), and t = 8 years. Plugging the values into the formula, we get:
A = 9097(1 + 0.07595/12)^(12*8)
A = 9097(1 + 0.00632916667)^96
A ≈ €12,963.99
Therefore, the correct option is Option 1: €12,963.99.