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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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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?

User Stefan Hanke
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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
User Carl Ekerot
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