Question

What is the annual simple interest rate?I=$17, P=$500, t=2 years​

Answer 1

Answer:

$\boxed{ \bold{ \huge{ \boxed{ \sf{1.7 \: \%}}}}}$

Step-by-step explanation:

Given,

Interest ( I ) = $ 17

Principal ( P ) = $ 500

Time ( T ) = 2 years

Rate ( R ) = ?

Finding the simple Interest rate :

$\boxed{ \bold{ \sf{rate = \frac{interest \times 100}{principal \times time}}}}$

$\dashrightarrow{ \sf{rate = \frac{17 \times 100}{500 \times 2} }}$

$\dashrightarrow{ \sf{rate = \frac{1700}{1000} }}$

$\dashrightarrow{ \sf{ rate = 1.7 \: \%}}$

Hope I helped!

Best regards! :D