Liam deposits $3,500 in a savings account that pays 0.8% interest, compounded quarterly. In ai, round to
Question:
Liam deposits $3,500 in a savings account that pays 0.8% interest, compounded quarterly. In a–i, round to the nearest cent.
a. Find the first quarter’s interest.
b. Find the first quarter’s ending balance.
c. Find the second quarter’s interest.
d. Find the second quarter’s ending balance.
e. Find the third quarter’s interest.
f. Find the third quarter’s ending balance.
g. Find the fourth quarter’s interest.
h. What is the balance at the end of 1 year?
i. How much interest does the account earn in the first year?
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a The first quarters interest 28 3500 x 08 b The first quarters en...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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