[tex]\begin{gathered} \text{ principal=?} \\ A=1000 \\ \text{rate}=8\text{ \%=}\frac{8}{100}=0.08 \\ t=7 \\ P=\frac{A}{(1+\frac{r}{n})^{nt}} \\ P=\frac{1000}{(1+\frac{0.08}{12})^{12\times7}} \\ P=\frac{1000}{1.74742205143} \\ P=572.271592419 \\ P=\text{ \$}572.27 \end{gathered}[/tex]