\( 1 \leftarrow \) Use the compound interest formula to compute the total amount accumulated and the interest earned. \( \$ 5500 \) for 5 years at \( 4 \% \) compounded daily (use \( n=360 \) ) The total amount accumulated after 5 years is \( \$ \square \) (Round to the nearest cent as needed.)

We start with the compound interest formula \[ A = P \left(1 + \frac{r}{n}\right)^{nt}, \] where \(P = 5500\) (the principal), \(r = 0.04\) (the annual interest rate), \(n = 360\) (the number of compounding periods per year), and \(t = 5\) (the time in years). Substitute the values into the formula: \[ A = 5500 \left(1 + \frac{0.04}{360}\right)^{360 \times 5} = 5500 \left(1 + \frac{0.04}{360}\right)^{1800}. \] First, calculate the periodic rate: \[ \frac{0.04}{360} \approx 0.00011111. \] Then the accumulation factor becomes: \[ \left(1 + 0.00011111\right)^{1800}. \] Using a calculator or an approximation, we find: \[ \left(1 + 0.00011111\right)^{1800} \approx 1.22140276. \] Now multiply by the principal: \[ A \approx 5500 \times 1.22140276 \approx 6717.71. \] Thus, the total amount accumulated after 5 years is \[ \$6717.71. \] To find the interest earned, subtract the principal from the total amount: \[ \text{Interest Earned} = A - P \approx 6717.71 - 5500 = 1217.71. \] So, the interest earned over 5 years is approximately \[ \$1217.71. \]