Question

Raul deposited 3000 into the bank account that earned simple interest each year after 3.5 years he had earned 262.50 in interest if no money was depositied into or withdrawn from the account what was the annual interest rate

Answer 1

this one is kinda confusing i thing you would divide and get the annual interest rate

Answer 2

3,000 * 3.5 * i = 262.50
10,500 i = 262.50
i = 262.50 / 10,500
i = 0.025

0.025 = 2.5%

answer: annual interest rate was 2.5%