Oscar Montez's savings account has a principal of $7,201. It earns 6% interest compounded quarterly. What is the amount of interest he earned by the end of the second quarter?

A. $108.01

B. $15.03

C. $231.06

D. $217.66

First find the future value

A=p (1+r/k) ^kn

P 7201

R. 06

K compounded quarterly 4

N 6/12 second quarter means 6 months because there are 4 quarters in a year

A=7,201 * (1+0.06:4) ^ (4 * (6

:12))

=7,418.65

Now find interest earned A-p

7,418.65-7,201=217.65