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

a) The first quarter's interest = $28 ($3,500 x 0.8%).

b) The first quarter's ending balance of the savings account = $3,528 ($3,500 + $28).

c) The second quarter's interest = $28.22 ($3,528 x 0.8%).

d) The second quarter's ending balance = $3,556.22 ($3,528 + $28.22).

e) The third quarter's interest = $28.45 ($3,556.22 x 0.8%)

f) The third quarter's ending balance = $3,584.67 ($3,556.22 + $28.45).

g) The fourth quarter's interest = $28.68 ($3,584.67 x 0.8%).

h) The balance of the savings account at the end of Year 1 = $3,613.35 ($3,584.67 + $28.68).

i) The total interest that the account earns in the first year = $113.35 ($3,613.35 - $3,500).

Thus, Liam's deposit of $3,500 in the saving account that pays 0.8% quarterly interest will amount to $3,613.35 at the end of the first year.

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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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