To answer this question we will use the following formula for compounded interest:
[tex]A=A_0(1+r)^t,[/tex]where A is the final amount, A₀ is the initial amount, r is the interest rate as a decimal number, and t is the number of times that the interest rate is applied.
Substituting A₀=8000, r=0.19, and t=8 we get:
[tex]A=8000(1+0.19)^8\text{.}[/tex]Simplifying the above result we get:
[tex]\begin{gathered} A=8000(1.19)^8, \\ A\approx32171.08 \end{gathered}[/tex]Answer: $32171.08.
