If $400 is deposited into a savings account at an annual interest rate of 3% that compounds monthly, what is the value of the investment after 8 years?  Answers:
A) 574.65
B) 514.23
C) 508.35
D) 536.87
E) 235.87
Using CI Formula:   A=P(1+r/n)^n*t   A=400(1+3/2)^2*8   A=508.35.   Option: 508.35
<result>C</result>
If $400 is deposited into a savings account at an annual interest rate of 3% that compounds monthly, what is the value of the investment after 8 years?