note: please make sure to properly format your answers. all dollar figures in the answers need to include…

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06).\nliam deposits $3,500 in a saving account that pays 0.8% interest, compounded quarterly. round each answer to the nearest cent.\na. find the first quarters interest.\nb. find the first quarters ending balance.\nc. find the second quarters interest.\nd. find the second quarters ending balance.\ne. find the third quarters interest.\nf. find the third quarters ending balance.\ng. find the fourth quarters interest.\nh. what is the balance at the end of one year?\ni. how much interest does the account earn in the first year?

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06).\nliam deposits $3,500 in a saving account that pays 0.8% interest, compounded quarterly. round each answer to the nearest cent.\na. find the first quarters interest.\nb. find the first quarters ending balance.\nc. find the second quarters interest.\nd. find the second quarters ending balance.\ne. find the third quarters interest.\nf. find the third quarters ending balance.\ng. find the fourth quarters interest.\nh. what is the balance at the end of one year?\ni. how much interest does the account earn in the first year?

Answer

Explanation:

Step1: Calculate the quarterly interest rate

The annual interest rate is (r = 0.8%=0.008). The quarterly interest rate (i=\frac{r}{4}). (i=\frac{0.008}{4}=0.002)

Step2: Calculate the first - quarter's interest ((I_1))

The formula for simple interest is (I = P\times i), where (P=$3500) is the principal. (I_1=3500\times0.002=$7.00)

Step3: Calculate the first - quarter's ending balance ((A_1))

The ending balance formula is (A = P+I). (A_1=3500 + 7=$3507.00)

Step4: Calculate the second - quarter's interest ((I_2))

Now (P = A_1=$3507) (I_2=3507\times0.002=$7.01)

Step5: Calculate the second - quarter's ending balance ((A_2))

(A_2=3507+7.01=$3514.01)

Step6: Calculate the third - quarter's interest ((I_3))

Now (P = A_2=$3514.01) (I_3=3514.01\times0.002=$7.03)

Step7: Calculate the third - quarter's ending balance ((A_3))

(A_3=3514.01 + 7.03=$3521.04)

Step8: Calculate the fourth - quarter's interest ((I_4))

Now (P = A_3=$3521.04) (I_4=3521.04\times0.002=$7.04)

Step9: Calculate the fourth - quarter's ending balance ((A_4))

(A_4=3521.04+7.04=$3528.08)

Step10: Calculate the total interest earned in the first year ((I_{total}))

(I_{total}=I_1 + I_2+I_3+I_4) (I_{total}=7+7.01 + 7.03+7.04=$28.08)

Answer:

a. ($7.00) b. ($3507.00) c. ($7.01) d. ($3514.01) e. ($7.03) f. ($3521.04) g. ($7.04) h. ($3528.08) i. ($28.08)