Rich deposited money into a bank account that earned 2.5% simple interest each year. After 2 years, he had earned $14.65 in inte
rest on the account. If no other money was deposited into or withdrawn from the account, how much was his initial deposit?
1 answer:
The formula for simple interest is
where I=interest earned, P=initial deposit, r=rate of increase, and t=time.
We have
Plug in:
Solve for
:
So the initial deposit was $293.
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