➷ 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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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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