You have just put

$ $95$$$95$

in the$$ bank, and your account earns

$1\mathrm{.}19\%1\mathrm{.}19\%$

interest every month with monthly compounding.

a$.$ How much will be in your account after one$$ year?

b$.$ If your bank changed to paying interest only once per$$ year, what yearly rate would give you the same amount as what you calculated in part$($a$)?$