1. **State the problem:** Calculate the area of a circle with radius $r = 8$ inches. 2. **Formula:** The area $A$ of a circle is given by the formula: $$A = \pi r^2$$ Here, $\pi$ is approximated as 3.14. 3. **Substitute the radius:** $$A = 3.14 \times 8^2$$ 4. **Calculate the square of the radius:** $$8^2 = 64$$ 5. **Multiply:** $$A = 3.14 \times 64$$ 6. **Perform the multiplication:** $$A = 200.96$$ 7. **Round to the nearest hundredth:** The value is already at two decimal places. **Final answer:** $$\boxed{200.96 \text{ in}^2}$$