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. Month
What will be an ideal response?
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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