Question

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.

Answer 1

We know that,

i=prt/100

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).

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