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?(Hint: determine how many years the savings account was open for.)$1,064.25$1,421.75✔ $1,457.50$1,621.25