Asavings account pays an annual rate of 2% simple interest. how much would you need to deposit to earn $100 interest by the end of the 2nd year?

You would need to deposit $2500

Step-by-step explanation:

The simple Interest formula is given as;

Where I is the interest earned, P the principal amount deposited, R the simple interest rate and T the time.

The question requires us to determine the Principal given that;

I = 100

R = 2

T = 2

We make the Principal the subject of the formula;

answer;

the correct answer

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