How much interest will $1000 earn in one year at an annual rate of 8%; if interest is compounded every 6 months?

I've thought so far:

At 8% in one year interest will be 80. But it is compounded every 6 months.

So, after 6 months total amount will be $1040. Again at 8% in next 6 months, the amount will be $1081.6.

Therefore, the interest will be$81.6. Is it right?