The simple interest formula is given by;
[tex]I=\frac{P\times T\times R}{100}[/tex]
Where,[tex]P=5,600[/tex] is the principal, [tex]T=12[/tex] is the time in years and [tex]R=4.5[/tex]% is the rate in percentage.
We just have to plug in these values in to the simple interest formula to obtain,
[tex]I=\frac{5600\times 12\times 4.5}{100}[/tex]
Multiplying out the numerator gives,
[tex]I=\frac{302400}{100}[/tex]
We simplify to obtain;
[tex]I=3024[/tex]
Since Gerard's money earned a simple interest of $ 3024 the total value in his account will increase by $ 3024.
Hence the value of Gerard's account after 12 years is
[tex]5600+3024=[/tex]$8,624
