I want to make sure i did this rite... If an employee puts $1000 in a savings plan with 8% interest that compunds quaterly and withdraws it after 35 years does he have $12200?

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I want to make sure i did this rite... If an employee puts $1000 in a savings plan with 8% interest that compunds quaterly and withdraws it after 35 years does he have $12200?

Mathematics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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Okay, http://en.wikipedia.org/wiki/Compound_interest scroll down to the formula for compound interest
http://www.moneychimp.com/calculator/compound_interest_calculator.htm
no it is 16000 according to the calculator

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