GMAT Test Prep: PS-86453772 GMAT Problem Solving

On January 1, 1994, Jill invested P dollars in an account that pays interest at a rate of 8 percent per year, compounded annually on December 31. If there were no other deposits or withdrawals in the account, how many dollars were in the account on January 1, 1998, in terms of P?
Select one of the following answer choices