Question

Li deposit $17,500 into a bank account that earned simple interest each year after two years he had earned $2,975 in interest if no money was a deposited into or withdrawn from the account what was the annual interest rate

Answer 1

Answer: the annual interrest rate is 6.1% interrest

Step-by-step explanation: first of all you would want to organize your data then set up the equation ( use the annule intrest rate formula) we know that li deposited $17,500 and he earned $2,975 in interrest after two years

you would take 17,500+ I = 2,975 (used I for interrest rate)

you then yould want to get rid of I so you would add I over to 2,975

then you will have to get i by its self by dividing 2,975 to 17,500