Edward purchased his home for $89,000. For the first three years after he moved in the real estate market was very lively, so his property value grew by 4.8% every year. For the next five years, the market slowed down somewhat, and his property value grew by 2.6% every year. How much had the value of Edward's home increased after eight years, to the nearest hundred dollars?
a. $25.700
b. $27.500
c. $30,000
d. $13,200
