Question

What is the interest rate if you earned $337.50 after investing $4,500 for three years.

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$337.50\\ P=\textit{original amount deposited}\dotfill & \$4500\\ r=rate\to r\%\to (r)/(100)\\ t=years\dotfill &3 \end{cases} \\\\\\ 337.50 = (4500)((r)/(100))(3) \implies 337.50=\cfrac{13500r}{100} \\\\\\ 337.50=135r\implies \cfrac{337.50}{135}=r\implies \stackrel{\%}{2.5}=r`