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yulyashka [42]
3 years ago
10

Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest.

Mathematics
2 answers:
AleksandrR [38]3 years ago
5 0

Answer : The annual interest rate was, 8.5 %

Step-by-step explanation :

Given:

Principle = $17,500

Simple interest (S.I) = $2975

Time = 2 years

Now we have to determine the interest rate.

Formula used :

S.I=\frac{PRT}{100}

where,

P = principle  

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

\$2975=\frac{(\$17,500)\times R\times (2)}{100}

R=\frac{\$2975\times 100}{(\$17,500)\times (2)}

R=8.5\%

Thus, the annual interest rate was, 8.5 %

Nimfa-mama [501]3 years ago
3 0
Let x is the interest rate

$17,500 * 2 * x = <span>$2975
</span>$35,000x = $2,975
x = $2,975/$35,000
<span>x = 0.085

0.085 * 100 = 8.5%

Answer: annual interest rate was 8.5%

</span>
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