L] Kiara deposited \( \$ 300 \) into a savings account 8 years ago. The account earns \( 7 \% \) interest, compounded annually. How much interest has she earned? Answer in dollars and round to the nearest cent.

To calculate the interest earned on Kiara's savings account, we can use the formula for compound interest: \[ A = P(1 + r)^n \] where: - \( A \) is the amount of money accumulated after n years, including interest. - \( P \) is the principal amount (the initial sum of money). - \( r \) is the annual interest rate (decimal). - \( n \) is the number of years the money is invested or borrowed for. Substituting the values into the formula: - \( P = 300 \) - \( r = 0.07 \) - \( n = 8 \) \[ A = 300(1 + 0.07)^8 \] Calculating: \[ A = 300(1.07)^8 \] \[ A = 300 \times 1.718186 \] \[ A \approx 515.46 \] Now, to find the interest earned, we subtract the principal from the total amount: \[ \text{Interest} = A - P \] \[ \text{Interest} \approx 515.46 - 300 \] \[ \text{Interest} \approx 215.46 \] So, Kiara has earned approximately \$215.46 in interest.