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 If no money was deposited into or withdrawn from the account, what was the annual interest rate?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

assuming simple interest

I=PRT

I=262.5

P=3000

R=?

T=3.5

262.5=3000(?)(3.5)

262.5=10500?

divide both sides by 10500

0.025=?

2.5%=?

answer is 2.5%

Answer 2

I=prt,,262.5=3000*3.5 r,,r=262.5/3000*3.5= use the calculator