Answer:
The amount is $16718.7 and the interest is $4718.7.
Step-by-step explanation:
STEP 1: To find amount we use formula:
A=P(1+rn)n⋅t
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In this example we have
P=$12000 , r=3.33% , n=4 and t=10 years
After plugging the given information we have
AAAA=12000(1+0.03334)4⋅10=12000⋅1.00832540=12000⋅1.393225=16718.7
STEP 2: To find interest we use formula A=P+I, since A=16718.7 and P = 12000 we have:
A16718.7II=P+I=12000+I=16718.7−12000=4718.7
