Question

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. No other money was deposited into or withdrawn from the account.

How much was his initial deposit?

Answer 1

A bank deposit paying simple interest at the rate of 6%/year grew to a sum of $1300 in 8 months. Find the …

Explanation: