Lily saved $7000 and decided to deposit it into a high-interest savings account. The bank offered an annual interest rate of 3% compounded monthly. Excited about the potential growth of her investment, Lily eagerly awaited the results. What is the compound amount of her deposit after 8 years?
a) $11,320
b) $33,678.00
c) $73,666
d) $8,896.08