Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Question

Cristopher Meyer

Mathematics

29 January, 18:54

Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

+2

Answers (2)

Know the Answer?

Neveah Holmes · Answer 1

Simple interest earn

i = Prt

r = i / (Pt)

r = 262.50 / (3000 * 3.5)

r = 262.5 / 10,500

r = 0.025

0.025 = 25/1000 = 2.5%

answer: annual interest rate is 2.5%

Enrique Bailey · Answer 2

Because he stop put money in the bank in that why he got 262.50

Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?