MudBogey
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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If no other money was deposited into or withdrawn from the account, how much was his initial deposit?

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MissPhiladelphia
The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = Prt. We calculate as follows:

14.65 = P (.025)(2) 
P = $293
SenpaiTrill
Hello there.

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If no other money was deposited into or withdrawn from the account, how much was his initial deposit?

$293

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