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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?

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Answer:

Explanation:

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

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