We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
t represents the number of years
r represents the interest rate
P represents the principal or initial amount deposited
n represents the periodic interval at which it was compounded
From the information given,
t = 3
p = 8
r = 1/100 = 0.01
n = 1 because it was compounded annually
Thus,
A = 8(1 + 0.01/1)^1 * 3
A = 8(1.01)^3
A = 8.2424
The interest earned = 8.2424 - 8 = 0.2424
To the nearest cent, the interest earned is $0.24