Answer:
A) $3,570
B) $4,248.30
Step-by-step explanation:
We were given that:
Principal, P = $3,000
Interest Rate, r = 19% = 19/100 = 0.19
Compounding, n = yearly = 1
Time, t = ?
We will proceed to solve for the amount in the account as shown below:
A) At the end of one year:
B) At the end of two years: