Answer:
They earn $256 on the ninth day of school.
Explanation:
A geometric sequence(in which each term is the previous term multiplied by the ratio) has the following format:

In which r is the common ratio.
We can also find the nth term as a function of the first term, by the following equation:

In which

In this question:
On the first day, $0.50. So
.
Day two $1.00, day three $2.00.
So

Then

How much do students earn on the ninth day of school?

They earn $256 on the ninth day of school.