Remember that the simple interest formula is:

Where:
• T, is the total amount after the investment
,
• P, is the principal
,
• r, is the interest rate
,
• n, is the times the interest was compounded
To get the daily interest, we divide the annual interest rate by 365.

Since the interest compounds daily for 5 years,

This way, we'll have that:

Substracting the principal from this amount, we can get the interest earned:

We can conclude that the interest earned was $14,289.86