Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
Simple interest formula was used to calculate the principal sum of Rich at the rate of 2.5% for 2 years. Thus Rich's initial deposit was 293 dollars.
What is Simple interest?
Simple interest is based on the principal amount of the loan or initial deposit in the savings account.
[tex]\rm\,I = Prt\\\\where\,I = Interest\,earned\\ \\P = initial\,deposit\\ \\r = rate\,of\,interest\,\\\\\t\,=time[/tex]
Following information is given:
[tex]\rm\,I = 14.65\\r= 2.5\% = 0.025\\t=2\\\\\\ Calculate\,P =\\\,14.65 = P\times\,0.025\times\,2\\14.65 = 0.05P\\P= 293[/tex]
Hence, Rich's initial deposit was equal to $293.
To learn more about simple interest, refer to the link:
https://brainly.com/question/25793394
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.
