SOLUTION
Given the question in the image, the following are the solution steps to answer the question.
STEP 1: Write the formula for calculating compound interest

Where
A =final amount
P=initial principal balance
r=interest rate
n=number of times interest applied per time period
t=number of time periods elapsed
STEP 2: Write the given parameters

STEP 3: Calculate the compounded Amount

STEP 4: Calculate the interest earned

Hence, the interest earned after 5 years is $3503.91