Ask Question
Today, 08:37

Kyle Carlson invested $10,000 in a savings account paying 12% interest compounded quarterly. Assuming that he makes no withdrawals, how much interest will he earn during the second quarter of the first year?

+4
Answers (1)
  1. Today, 10:23
    0
    Initial deposit = $10,000

    Interest = 12% compounded quarterly

    Quarterly interest = 12/4 = 3%

    Interest earned for quarter 1 = 10,000 x 3% = $300

    Deposit value after quarter 1 = 10,000 + 300 = $10,300

    Interest earned for quarter 2 = 10,300 x 3% = $309
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Kyle Carlson invested $10,000 in a savings account paying 12% interest compounded quarterly. Assuming that he makes no withdrawals, how ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers