Answer
Final amount after $x$ years of growth is approximately $451$.
Work Step by Step
RECALL:
Eponential growth is represented by the formula
$y=C(1+r)^x$
where
C = initial/original amount
r - growth rate
x = number of time intervals
The given exponential growth has:
C = 305
r = $5\%$
x = 8 years
Substitute these value into the given formula above to have:
$y=305(1+5\%)^8
\\y=305(1+0.05)^8
\\y=305(1.05^8)
\\y=450.6239104
\\y\approx 451$
