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attashe74 [19]
3 years ago
8

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 If no other money was deposited into or withdrawn from the account, how much was his initial deposit?
Mathematics
2 answers:
kipiarov [429]3 years ago
7 0

Answer:

The correct answer is 293$

Hope this helped! :)


^-^


photoshop1234 [79]3 years ago
5 0

we know that


The simple interest formula is equal to


I=Prt


where


P is the Principal amount of money to be invested


I is the amount of money in interest

r is the rate of interest  

t is Number of Time Periods


in this problem we have


t=2\ years\\ I=\$14.65\\r=0.025


substitute in the formula above  and solve for P

14.65=P(0.025)(2)

P=14.65/[(0.025)(2)]

P=\$293


therefore

<u>the answer is</u>

\$293




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