Question

Raul deposited 3000 to a bank account he earned simple interest each year after 3.5 years he had earned $265.50 in interest If no money was deposited into her which I’ve me account what was the annual interest rated.

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill&265.50\\ P=\textit{original amount deposited}\dotfill & \$3000\\ r=rate\to r\%\to (r)/(100)\dotfill\\ t=years\dotfill &3.5 \end{cases} \\\\\\ 265.50=(3000)(r)(3.5)\implies \cfrac{265.50}{(3000)(3.5)}=r\implies 0.025\approx r \\\\\\ \stackrel{\textit{converting that to percentage}}{r\approx 0.025\cdot 100}\implies r\approx \stackrel{\%}{2.5}`