1) For the first part of this question, let's find how much interest he will earn by the end of 1 year. Let's make use of simple interest formula so that we can find how much interest.
[tex]\begin{gathered} A=P(1+rt) \\ A=3050(1+0.06\cdot1) \\ A=3050(1+0.06) \\ A=3050(1.06) \\ A=3233 \\ i=3233-3050 \\ i=183 \end{gathered}[/tex]2) Hence, this is the answer. The balance $3233 and the earned interest: $183
