Stanley opened a savings account and deposited $1,000.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 8 years? Use the formula A=P ( 1+ 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.