Answer:
The total interest the account earned was $88.41.
The ending balance in the account is $1,163.41.
The account earned $25.26 in interests in the first year.
Step-by-step explanation:
The simple interest is one that does not accumulate to the initial capital, that is to say that the capital does not accumulate over the years.
Therefore, if Brian deposited $ 1,075 in an account with an interest of 2.35% per year for 3 and a half years, to obtain the total interest generated by the account, the following calculation must be performed:
(1,075 x 2.35 / 100) x 3.5 = X
25.2625 x 3.5 = X
88.41 = X
Thus, the interest generated during the first year was $ 25.26, while the accumulated interest during 3 and a half years was $ 88.41. In turn, since 88.41 + 1,075 equals 1,163.41, that is the resulting amount after the end of the investment.
