<h3>Answer: 787.25 dollars</h3>
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Work Shown:
A = final amount after t years = 1000
P = initial deposit = unknown
r = interest rate in decimal form = 0.08
n = compounding frequency = 12
t = number of years = 3
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A = P*(1+r/n)^(n*t) is the compound interest formula
1000 = P*(1+0.08/12)^(12*3)
1000 = P*1.27023705162066
1.27023705162066P = 1000
P = 1000/1.27023705162066
P = 787.254629932364
P = 787.25 rounding to the nearest penny
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note: this assumes that the interest rate stays at 8% the entire three year period; also, you cannot withdraw any money from the account during this time period.
