To attract new customers, EP Employees Credit Union advertised that they will begin paying 3% interest every quarter on all savings accounts. (Their competitors pay interest every 6 months.) The credit union uses March 31st, June 30th, September 30th, and December 31st as quarterly interest periods. Determine (a) the end-of period totals in the account, and (b) the interest paid each quarter on the total. Assume there are no withdrawals and that quarterly interest is not redeposited.
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End-of-period amount for March: 50 + 70 = $120; Interest = 120*0.03 = $3.60
End-of-period amount for June: 120 + 120 + 20 = $260; Interest = 260*0.03 = $7.80
End-of-period amount for September: 260 + 150 + 90 = $500; Interest = $15.00
End-of-period amount for Dec: 500 + 40 + 110 = $650; Interest = $19.50
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