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liubo4ka [24]
3 years ago
15

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If no other money was deposited into or withdrawn from the account, how much was his initial deposit?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:
Lena [83]3 years ago
8 0
The simple interest formula<span> allows us to calculate I, which is the </span>interest<span> earned or charged on a loan. According to this </span>formula<span>, the amount of </span>interest<span> is given by I = Prt. We calculate as follows:

14.65 = P (.025)(2) 
P = $293</span>
Sergeeva-Olga [200]3 years ago
4 0
Hello there.
<span>
Rich deposited money into a bank account that earned 2.5% simple interest each year. After 2 years, he had earned $14.65 in interest on the account.

If no other money was deposited into or withdrawn from the account, how much was his initial deposit?
</span>
$293
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