Answer:
$613.87
Step-by-step explanation:
First, fortunately for us, there is a formula to calculate the compound interest. It is A=P(1+[tex]\frac{r}{n}[/tex])^nt
where A is the amount you will have
P is the principal, or starting, amount
r is the interest rate (decimal)
n is the number of times the amount is compounded per year
t is the time, in years
So, plugging your values into the equation gives us
A=400(1+[tex]\frac{0.055}{1}[/tex])^1*8
Simplifying gives us A=613.87
