Final answer:
The maturity value of the term deposit is $11,172.19 and the interest earned is $1,241.54.
Step-by-step explanation:
To calculate the maturity value of a term deposit, we use the formula:
Maturity Value = Principal Amount × (1 + Interest Rate)^Time
In this case, the principal amount is $9,930.65, the interest rate is 2.4%, and the time is 6 years. Plugging in these values into the formula, we get:
Maturity Value = $9,930.65 × (1 + 0.024)^6 = $11,172.19
Therefore, the maturity value of the term deposit is $11,172.19.
To calculate the interest earned, we subtract the principal amount from the maturity value:
Interest Earned = Maturity Value - Principal Amount = $11,172.19 - $9,930.65 = $1,241.54
Therefore, the deposit earned $1,241.54 in interest.