Find the annual simple interest rate. I=$17, P=$500, t=2 years
2 answers:
R=I/Pt is the formula for simple interest rate, so plug in the number given to solve for r :)
Work:
r=17/(500*2)
r=17/1000
r=0.017
To change to a percentage, move the decimal point in 2 times.
Final Answer: 0.017 OR 1.7%
500 * i * 2 = 17
1000i = 17
i = 17/1000
i = 0.017
0.017 = 1.7%
answer: annual simple interest rate is 1.7%
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