He deposited $14,500.
The formula for simple interest is I=prt, where I is the interest, p is the principal invested, r is the rate as a decimal number, and t is the time. Using our information, we have:
960.25 = p(0.0625)(1)
960.25 = 0.0625p
Divide both sides by 0.0625:
960.25/0.0625 = 0.0625p/0.0625
14500 = p
