Question

To solve the following problem. If a $3,500 investment earns

$210 over 3 years, what is the annual interest rate?

Answer 1

Answer: STEP 1: Find an interest by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $3500, i = 210% and t = 3 years, so

i=P*i*t

i=3500*2.1*3

i=22050

STEP 2: Find an amount by using the formula .

A=p+i

A=3500+22050

A=25550

Step-by-step explanation: hope that helps :)

Answer 2

The annual interest rate is $70

Explanation:

If you divide 210 by 3 yrs you get 70 so they are making $70 a year off that investment.