From the question, we have the given information.
[tex]\begin{gathered} \text{Principal =\$12300} \\ \text{rate}=9\text{\%} \\ \text{number of times compounded =1} \\ \text{Time =16 months =}\frac{4}{3}years \end{gathered}[/tex]We will use the formula below to solve the question
[tex]\text{Amount =P(}1+\frac{r}{n})^{nt}[/tex]Therefore;
[tex]\begin{gathered} \text{Amount}=12300(1+\frac{9}{100})^{\frac{4}{3}} \\ =12300(\frac{109}{100})^{\frac{4}{3}} \\ =13797.71 \end{gathered}[/tex]Since the Amount = 13797.71, we can get the interest by using the formula below.
[tex]\begin{gathered} \text{Interest= Amount- Principal} \\ =13797.71-12300 \\ =1497.71 \end{gathered}[/tex]Answer: Interest =$1497.71
