Given the information, we have that the present value is $3500, the rate of interest is 0.8%=0.008 and we want to know the second quarter's interest, that is, t=2, then:
[tex]\begin{gathered} FV=3500\cdot(1+0.008)^2 \\ =3500\cdot(1.016064)=3556.22 \end{gathered}[/tex]Therefore, the future value of the savings account for the second quarter is 3556.22. To find the interest, we just substract the present value from this result:
[tex]i=3556.22-3500=56.22[/tex]therefore, the second quarter interest is $56.22
