Use the formula for compound amount, not the table, to find the compound amount and the amount of interest earned on \( \$ 15,000 \) at \( 8 \% \) compounded annually for 3 years. Use a calculator. The compound amount is \( \$ \square \). (Round to the nearest cent as needed.) The compound interest is \( \$ \square \). (Round to the nearest cent as needed.)

To find the compound amount, we use the formula for compound interest: \[ A = P(1 + r)^n \] where \( A \) is the amount, \( P \) is the principal amount (\$15,000), \( r \) is the annual interest rate (0.08), and \( n \) is the number of years (3). Calculating it out: \[ A = 15000(1 + 0.08)^3 = 15000(1.08)^3 \approx 15000 \times 1.259712 = 18895.68 \] The compound amount is approximately \( \$18,895.68 \). To find the amount of interest earned, we subtract the principal from the compound amount: \[ \text{Interest} = A - P = 18895.68 - 15000 = 3895.68 \] The compound interest earned is approximately \( \$3,895.68 \).