Question

After 5 years, a $2,450 investment is worth $3,123.75. What is the simple annual interest rate for this investment? Enter the answer as a percent.

Answer 1

After 5 years, a $2,450 investment is worth $3,123.75.

What is the simple annual interest rate for this investment? Enter the answer as a percent.

5.5 %

Explanation:

On edge

Answer 2

it would be the annual simple interest rate as a percentage is 100(.055)=5.5%