Step-by-step explanation:
Let us assume that the amount deposited = P
The rate of interest = 1.4%
The Simple Interest earned = $24.50
Time = T = 5 years
Now, as we know:
SIMPLE INTEREST = [tex]\frac{P \times R \times T}{100}[/tex]
[tex]\implies 24.50 = \frac{P \times 1.4 \times 5}{100} \\\implies P = \frac{24.50 \times 100}{1.4 \times 5} = 350\\\implies P = 350[/tex]
Hence, the deposited sum of money by Edwin is $350.
