Final answer:
The maturity value of the 3-year term deposit is $3,505.34 and the deposit earned $347.65 in interest.
Step-by-step explanation:
To calculate the maturity value of a 3-year term deposit, we can use the formula:
Maturity Value = Principal amount * (1 + Interest rate)^Time period
In this case, the principal amount is $3,157.69, the interest rate is 3.3% (or 0.033), and the time period is 3 years. Plugging in these values into the formula:
Maturity Value = $3,157.69 * (1 + 0.033)^3 = $3,505.34
The maturity value of the deposit is $3,505.34.
To calculate the interest earned, we can subtract the principal amount from the maturity value:
Interest Earned = Maturity Value - Principal amount = $3,505.34 - $3,157.69 = $347.65
The deposit earned $347.65 in interest.