Question

Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the box.

Answer 1

2.5%

Explanation:

$262.50 ÷ 3.5 =75 (he earned $75 in interest each year)

1% of 3000 is 30 (i multiplied as far as it can go (2))

2%=60

75-60 is 15 (15 ÷ 3 is 5)

Answer 2

I'm pretty sure its $62.10