Final answer:
The annual interest rate is found using the simple interest formula, resulting in an interest rate of 10.67% when rounded to the nearest hundredth.
Step-by-step explanation:
The interest rate can be calculated using the formula for simple interest: I = PRT, where I is the interest earned, P is the principal amount deposited, R is the annual interest rate, and T is the time in years. In this scenario, Bob earned $8 interest on a $300 deposit over 3 months (which is 0.25 of a year).
First, we'll substitute the known values into the formula:
$8 = $300 × R × 0.25
Next, we solve for R:
R = $8 / ($300 × 0.25)
R = $8 / $75
R = 0.1067
When converted to a percentage and rounded to the nearest hundredth, the annual interest rate is 10.67%.