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Raul deposited $3000 into a bank account that earned simple interest each year. After 3. 5 years, he had earned $262. 50 in interest. No money was deposited into or withdrawn from the account. What was
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Raul deposited $3000 into a bank account that earned simple interest each year. After 3. 5 years, he had earned $262. 50 in interest. No money was deposited into or withdrawn from the account. What was the annual interest rate?

User Icats
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8 votes

Answer:

262.50-3000=222.50

therefore 3000×100/222.50×3.5=$4,719

User Ilsa
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