Final answer:
To find the interest earned, use the formula for compound interest. Plug in the given values and calculate the future amount. Then subtract the principal amount to find the interest earned.
Step-by-step explanation:
To find the interest earned, we can use the formula for compound interest: A = P(1 + r/n)^(nt) - P, where A is the future amount, P is the principal amount, r is the interest rate, n is the number of times compounded per year, and t is the number of years. In this case, the principal amount is the amount on which interest is earned, the interest rate is 3.5% (0.035), the number of times compounded per year is 365 (for daily compounding), and the number of years is 305. Plugging these values into the formula:
A = P(1 + r/n)^(nt) - P
= P(1 + 0.035/365)^(365*305) - P
= P(1.0000958904)^(111825) - P
= P(4.7986104705) - P
Let's assume the principal amount is $100. Plugging this into the formula, we have:
A = $100(4.7986104705) - $100
A = $379.86.
To find the amount of interest earned, we subtract the principal amount from the future amount:
Interest earned = $379.86 - $100
Interest earned = $279.86.