Answer
$\$266.08$
Work Step by Step
According to the Compound Interest Formula, where $P$ is the principal, the amount deposited, $r$ is the annual interest rate, $n$ is the number of times the interest is compounded annually, $t$ is the number of years, $A$ is the amount you get back after $t$ years:
$A=P\cdot(1+\frac{r}{n})^{n\cdot t}$
Here we have:
$t=4\text{ years}$
$r=3\%=0.03$
$A=\$300$
$n=365$ (since it is compounded daily)
Substitute these values into the formula above to obtain:
$\$300=P\cdot\left(1+\frac{0.03}{365}\right)^{365\cdot 4}$
Hence,
$P=\dfrac{\$300}{\left(1+\frac{0.03}{365}\right)^{365\cdot 4}}\approx\$266.08$
