mandrandotson mandrandotson

01-12-2016
Mathematics

Answered

Oscar Montez’s savings account has a principal of $7,201. It earns 6% interest compounded quarterly. What is the amount of interest he earned by the end of the second quarter?

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Aliwohaish12 Aliwohaish12

04-12-2016

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

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