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26 September, 07:12

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?

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  1. 26 September, 07:16
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    1,100x3.35%=3,575 Annual, there is 9 years between 2003 and 2012. 3,575x9=32,175. The balance at the end of December will be $32,175
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