Brian deposited $1,075 in an account that pays 2.35% simple interest for 3 ½ years. (9 pts.) How much total interest did the account earn? What is the ending balance in the account? How much interest did the account earn in the first year?

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.

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