9514 1404 393
Answer:
$794.30
Step-by-step explanation:
The account balance for principal P invested at rate r compounded daily for t years is ...
A = P(1 +r/365)^(365t)
We have P=$9538, r=0.08, t=1, and we want the value of P-A, the interest earned.
P-A = P(1 +0.08/365)^365 -1) = $9538(1.08327757 -1) ≈ $794.30
The interest earned in one year is $794.30.
