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lisov135 [29]
3 years ago
14

Edwin deposited money into a savings account that pays a simple annual interest rate of 1.4%. He

Mathematics
1 answer:
mafiozo [28]3 years ago
5 0
<h3>The deposited sum of money by Edwin is $350.</h3>

Step-by-step explanation:

Let us assume that the amount deposited  = P

The rate of interest  = 1.4%

The Simple Interest earned  = $24.50

Time  = T = 5 years

Now, as we know:

SIMPLE INTEREST  = \frac{P \times R \times T}{100}

\implies 24.50  = \frac{P \times 1.4 \times  5}{100} \\\implies P = \frac{24.50 \times 100}{1.4 \times 5}  = 350\\\implies P = 350

Hence, the deposited sum of money by Edwin is $350.

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