Question

James invested $250 in a savings account for 16 years. At the end of 16 years, his savings account had $700 in it.

Answer 1

I=Prt
700=(250)*r*(16)
700=4000*r
700/4000-(4000*r)/4000
0.175=r
17.5%=r

The simple interest rate is 17.5%