The amount of the interest that Rina will earn in a quarter is $28.52 on 3.75% interest rate.
Here, we are going to employ the use of Future value to enable use derive the amount of interest.
Given Information
Present value = $3,000
Years (n) = 1
Annual interest rate = 3.75%
Compound (m) = 4
Future value = $3,000 * (1 + 3.75%/4)^1*4
Future value = $3,000 * (1+0.009375)^4
Future value = $3,000 * 1.03803064737
Future value = $3,114.09194
Future value = $3,114.09.
interest = Future value - Present value
interest = $3,114.09 - $3,000
interest = $114.09
Therefore, the amount of the interest that Rina will earn in a quarter is $28.52 ($114.09/4) on 3.75% interest rate.
The translated word is "Rina deposited $ 3,000 on a 12-month CD. The annual interest rate is 3.75% and is compounded quarterly. What is the amount of interest Rina will earn in one quarter?"
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