Answer:
$340,363.55
Explanation:
you need to calculate the future value of your deposit:
future value = present value x (1 + interest rate)ⁿ
- present value = $12,000
- interest rate = 12% / 365 = 0.032877%
- n = 40 x 365 = 14,600
future value = $12,000 x (1 + 0.032877%)¹⁴⁶⁰⁰ = $1,456,975.20
if the interest is compounded annually, the future value = $12,000 x 1.12⁴⁰ = $1,116,611.65
the difference = $1,456,975.20 - $1,116,611.65 = $340,363.55
