Math 1500 - 1.2-Functions and Models

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[sammaxwell]

Hello, I have a question. For #2 If given $1000 that compounds 8% a month over 8 years why is the equation not Y=1000(1.08)^(8yr)×(12mo)
Or Y=1000(1.08)^96 and the answer be about $1, 616, 890? Any answer would be greatly appreciated.