Question

you put $6,000 in an account the account of $1050 simple interest in 5 years was the annual interest rate​

Answer 1

The annual interest rate is 3.5%.

Step-by-step explanation:

To find the annual interest rate, we can use the formula for simple interest:

Interest = Principal x Rate x Time

Given that the principal is $6,000, the interest is $1,050, and the time is 5 years, we can rearrange the formula to solve for the rate:

Rate = Interest / (Principal x Time)

Substituting in the given values: Rate = $1,050 / ($6,000 x 5) = $1,050 / $30,000 = 0.035 = 3.5%

Therefore, the annual interest rate is 3.5%.