Question

Liam deposits $3500 in a savings account that pays 0.8% interest, compounded quarterly

Answer 1

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➷ b) 3500 x 1.008 = 3528

The first quarter's ending balance is $3528

c) (3500 x 1.008^2) - 3500 = 56.224

The second quarter's interest is $56.22

d) 3500 x 1.008^2 = 3556.224

The second quarter's ending balance is $3556.22

e) (3500 x 1.008^3) - 3500 = 84.673792

The third quarter's interest is $84.67

f) 3500 x 1.008^3 = 3584.673792

The third quarter's ending balance is $3584.67

g) (3500 x 1.008^4) - 3500 = 113.3511823

The fourth quarter's interest is $113.35

h) 3500 x 1.008^4 = 3613.351182

The balance at the end of the year is $3613.35

i) The total interest of the year is $113.35

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