The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.
$\$ 11,000$ at $1.16 \%$ compounded daily for one year

Step 1 ：Given that the principal amount (P) is $11,000, the annual interest rate (r) is 1.16% (or 0.0116 in decimal form), the number of times the interest is compounded per year (n) is 365 (daily), and the time the money is invested for (t) is 1 year.

Step 2 ：Using the formula for compound interest, A = P(1 + r/n)^(nt), we can calculate the compound amount (A).

Step 3 ：Substituting the given values into the formula, we get A = 11000(1 + 0.0116/365)^(365*1).

Step 4 ：Calculating the above expression, we find that A = $11,128.34.

Step 5 ：The interest earned can be calculated as the difference between the compound amount and the principal amount, which is $11,128.34 - $11,000 = $128.34.

Step 6 ：Final Answer: The compound amount is \(\boxed{11128.34}\) and the interest earned is \(\boxed{128.34}\).