Question

Raul deposited $3000 into a bank account that earned simple interest each year. After 3. 5 years, he had earned $262. 50 in interest. No money was deposited into or withdrawn from the account. What was the annual interest rate?

Answer 1

Answer:

262.50-3000=222.50

therefore 3000×100/222.50×3.5=$4,719