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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. If no money was deposited into or withdrawn from the account, what was the annual interest rate? Enter your answer in the box.

Verified Answer :

Aliwohaish12

I=prt,,262.5=30003.5 r,,r=262.5/30003.5= use the calculator

clothesmakeridk11

Answer:

assuming simple interest


I=PRT


I=262.5

P=3000

R=?

T=3.5



262.5=3000(?)(3.5)

262.5=10500?

divide both sides by 10500

0.025=?

2.5%=?


answer is 2.5%

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