Oscar Montez’s savings account has a principal of $7,201. It earns 6% interest compounded quarterly. What is the amount of inter

Question

sukhopar [10]

3 years ago

14

Oscar Montez’s savings account has a principal of $7,201. It earns 6% interest compounded quarterly. What is the amount of inter

est he earned by the end of the second quarter?

Mathematics

1 answer:

Iteru [2.4K] · Answer 1 · 2021-12-28T04:19:53+03:00

Iteru [2.4K]3 years ago

5 0

Compounded quarterly means that one quarter of the interest is added to the account each quarter one quarter of 6% is 1.5% x = 7201 (1 + .06/4)^2 ___ .06/4 is the interest per compounding , and 2 is the number of compoundings