Answer:
$3000
Step-by-step explanation:
The amount to be deposited can be calculated from the relation
I=PRT
where
I is the interest=$96
P is the principal (amount to be deposited)
R is the rate=1.6%=0.016
T is the time=2yrs
By substitution we obtain
[tex]96 = P \times 0.016 \times 2[/tex]
[tex] \implies96 = P \times 0.032[/tex]
[tex] \implies \frac{96}{0.032} = \frac{P \times 0.032}{0.032} [/tex]
p=3000
Therefore he needs to deposit amount of $3000
