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?

$1,457.5

Step-by-step explanation:

Just did the lesson about simple interest.

Solution-

We know that,

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,

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