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On January 1st, 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
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On January 1st, 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 close of December 31st, 2012?

User Kris Kilton
by
4.8k points

2 Answers

7 votes
Answer:

1514.59

Explanation:

The equation says
A=p(1+r)^t
A future value ?
P present value which is 1100
R interest rate 3.25%×100=0.0325
T time from January 1st, 2003 to December 31st, 2012 which is 10 years
Now apply them into the equation
A=1,100×(1+0.0325)^(10)
A=1514.59

Hope it helps!
User Nakamoto
by
4.8k points
5 votes

Answer:$1,457.50

Explanation:

On January 1st, 2003, Gerry opened a savings account that paid 3. 25% annual interest-example-1
User Tom Zych
by
4.2k points
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