According to the problem, the principal is $1,000, the interest is 3% compounded monthly and the time is 8 years.
We have to use the compounded interest formula
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]Replacing the given information, we have
[tex]A=1,000\cdot(1+\frac{0.03}{12})^{12\cdot8}[/tex]Now, we solve for A
[tex]\begin{gathered} A=1,000(1+0.0025)^{96} \\ A=1,000(1.0025)^{96} \\ A\approx1,270.87 \end{gathered}[/tex]