Problem Solving

How much interest will $2,400 earn at an annual rate of 8% in one year if the interest is compounded every 4 months?

(a) $141
(b) $150
(c) $197
(d) $234
(e) $312

If I use the formula of F = P(1+R/N)^N*T, I don't get the correct answer.
The actual explanation is to use simple interest formula:

$2,400 x 8/100 x 1 = $192. Since we are calculating as a compounded rate, the interest should be a bit higher, or C as the correct answer.

Could someone please explain.

the actual formula is { 2400(1 + 8/3x100)^3 - 2400 } = 197.11

You can use simple compounding since there are only 4 compounding periods and arrive at a number is only very close to one answer choice.

Any better explanations please on this one ?