Answer: 1) $3885 2) $4312.35
Explanation:
The formula to find the compound amount is given by :-
, where P is the principal amount , r is the rate of interest and t is the time period.
Given : Principal amount :
,
Rate of interest :

When t=1 , then the amount in the account at the end of 1 year:-

When t=2 , then the amount in the account at the end of 1 year:-
