Question

Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the below

%

Answer 1

8.17

Explanation:

we went over this in class

Answer 2

Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest.

The answer is 8.17%