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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. $\$ 13,200$
Please select the best answer from the choices provided