Patrick is saving up money to buy a car. Patrick puts $8,000.00 into an account which earns 1% interest, compounded annually. How much will he have in the account after 7 years?
Use the formula A=P1+
r

n
nt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.