Question

Raymond invested $3,500 and earned $257.25 in interest over 1 3/4 years. What was the rate?

Answer 1

4.2% annually. 257.25 is 7.25% of 3500. Then you take 7.35 divided by 7 because is 4/4 + 3/4 = 7/4 so you take 7.35/ 7 and it comes out to 1.05 and then you multiply that by 4 quarters of a year. So the answer is 4.2% annually (yearly)