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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
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