Question

What is the annual simple interest rate?
I=$17, P=$500, t=2 years​

Answer 1

`\boxed{ \bold{ \huge{ \boxed{ \sf{1.7 \: \%}}}}}`

Explanation:

Given,

Interest ( I ) = $ 17

Principal ( P ) = $ 500

Time ( T ) = 2 years

Rate ( R ) = ?

Finding the simple Interest rate :

`\boxed{ \bold{ \sf{rate = (interest * 100)/(principal * time)}}}`

`\dashrightarrow{ \sf{rate = (17 * 100)/(500 * 2) }}`

`\dashrightarrow{ \sf{rate = (1700)/(1000) }}`

`\dashrightarrow{ \sf{ rate = 1.7 \: \%}}`

Hope I helped!

Best regards! :D