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In January of 2003, Gerry opened a savings account that paid 3.25% annual interest. His initial deposit was $1,100. If Gerry didn’t deposit or withdraw any additional money, what was his balance at the end of December, 2012?

Respuesta :

InesWalston

Solution-

We know that,

[tex]i=\frac{PRT}{100}[/tex]

Where,

i = interest generated,

P = principal = 1100,

R = rate of interest = 3.25%,

T = time period = 10 ( ∵ from January of 2003 to December of 2012 = 10 years),

Putting the values,

[tex]i = \frac{1100\times 3.25 \times 10}{100} = 357.5[/tex]

∴ Gerry's balance at the end of December of 2012 is (1100 + 357.5) = $1457.5

Answer:

$1,457.5

Step-by-step explanation:

Just did the lesson about simple interest.