Answer:
His ending balance is $19,855.88 and interest earn over the year is $644.54
Step-by-step explanation:
To solve this, we will simply use the formula;
A = P ( 1 + r/n )^nt
where P = principal
R = rate
T = time
n =the number of times that the interest is compounded per unit t.
A = The accrued amount
From the question given
Principal(p) = $19,211.34
Rate(r) = 1.1 % = 0.011
Time(t) = 3
n = 365
We can now proceed to insert our values into the formula;
A = P ( 1 + r/n )^nt
=$19,211.34( 1 + 0.011/365)^3×365
=$19,211.34(1+0.000030137)^1095
=$19,211.34(1.000030137)^1095
=$19,211.34×1.0335500408
=$19,855.88
Therefore his ending balance is $19,855.88
To calculate the interest;
A = P + I
$19,855.88 = $19,211.34 + I
Subtract $19,211.34 from both-side of the equation
$19,855.88 - $19,211.34 = $19,211.34- $19,211.34 + I
$644.54 = I
Therefore interest earn over the year is $644.54
