[SOLVED] compound interest calculations.

I just want to make sure that I have my concept down properly.

The generic formula is $\displaystyle A=P(1+\frac{r}{n})^{nt}$ given: A=amount, P=principal, r=interest rate, n=times annually compounded and t=duration of time.

So for question:

If interest is compounded annually, how much is $1000 worth in 8 years at 8%?

P=1000, r=.08, n=1, and t=8.

therefore:

$\displaystyle A=P(1+\frac{r}{n})^{nt}\rightarrow A=1000(1+\frac{.08}{1})^{8}\rightarrow A=1000(1.08)^8=1850.93$

Other than being a preposterous interest rate for a cash deposit, am I correctly working this problem?