Question

If a 3,500 investment earns 120 over 3 years, what is the annual rate?

Answer 1

Answer:

The annual rate of interest is 2 %

Step-by-step explanation:

Given as :

The investment amount = $ 3,500

The Interest earn on investment = $ 210

The time period = 3  years

Let The annual interest rate = R

From simple interest method :

Simple Interest =  

Or, 210 × 100 = 3500 × R × 3

Or, R =  

Or, R =  

HOPE THIS HELPED!!