Answer: the amount of interest earned is $24353
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $17000
r = 10% = 10/100 = 0.10
n = 4 because it was compounded 3 times in a year and n = 12/3 = 4
t = 9 years
Therefore,
A = 17000(1 + 0.1/4)^4 × 9
A = 17000(1 + 0.025)^36
A = 17000(1.025)^36
A = $41353
the amount of interest earned is
41353 - 17000 = $24353