The maturity value is the sum of the interest and the principal. The formula for calculating interest is expressed as
I = PRT
where
I is the interest after time t
P is the principal or initial amount
R is the interest rate
T is the time in years
From the information given,
P = 10800
R = 8/100 = 0.08
T = 8 months
We would convert 8 months to years. Recall,
12 months = 1 yr
8 months = 8/12 = 0.67
Thus,
t = 0.67 yr
By substituting these values into the formula, we have
I = 10800 x 0.08 x 0.67
I = 578.88
Thus,
Maturity value = 10800 + 578.88
Maturity value = $11378.88