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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 If no other money was deposited into or withdrawn from the account, how much was his initial deposit? Enter your answer in the box.

Respuesta :

His initial deposit was $293
Aliwohaish12
The formula is
I=prt
I interest earned 14.65
P initial deposit ?
R interest rate 0.025
T time 2 years
Plug in the formula
14.65=p×0.025×2
Solve for p
14.65=0.05p
Divide both sides by 0.05
P=14.65/0.05
P=293....answer

Hope it helps!

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