Question

Li deposited 17500 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if no money was deposited into or withdrawn from the account, what was the annual interest rate?

PLEASE HELP. THANK YOU!

Answer 1

Interest = Principle x Rate x Time

I'm don't know how to find the Interest Rate. So I just put random numbers into the formula until it's correct. I got 8.5%. Hope that helps in some way