I'm using the equation C(1+r/m)^mT where C= initial investment amount, r = interest rate, m = number of times per year it is compounded and T = number of years.

My answers always seem waaayyy too big...pretty sure I'm not using the right formula.

Please help, thanks!

What is the future value three years from now of $1,000 invested today in an account with a

stated annual interest of 8 percent.

(a) compounded annually

(b) compounded semiannually

(c) compounded monthly

(d) compounded continuously