\( \begin{array}{l}\$ 3,350 \text { are deposited into an account with } \\ \text { a } 6.2 \% \text { interest rate, compounded daily } \\ \text { ( } 365 \text { times per year). } \\ \text { Find the accumulated amount after } \\ 8 \text { years. } \\ \text { Hint: } A=P\left(1+\frac{r}{k}\right)^{k t}\end{array} \) Round your answer to the nearest cent (hu summinnmen

To calculate the accumulated amount after 8 years, we can use the formula provided: \[ A = P\left(1+\frac{r}{k}\right)^{kt} \] where: - \( P = 3350 \) - \( r = 0.062 \) (6.2% as a decimal) - \( k = 365 \) (compounded daily) - \( t = 8 \) Plugging in the numbers: \[ A = 3350\left(1+\frac{0.062}{365}\right)^{365 \times 8} \] Calculating the above step-by-step: First, calculate \( \frac{0.062}{365} \): \[ \frac{0.062}{365} \approx 0.000169863 \] Now compute \( 1 + 0.000169863 \): \[ 1 + 0.000169863 \approx 1.000169863 \] Next, calculate \( 365 \times 8 = 2920 \). Now, we compute \( 1.000169863^{2920} \) (which can be done using a calculator): \[ 1.000169863^{2920} \approx 1.189328 \] Finally, calculate \( A \): \[ A \approx 3350 \times 1.189328 \approx 3985.33 \] After rounding to the nearest cent, the accumulated amount after 8 years is approximately \$3985.33.