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Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest. No money was deposited into or withdrawn from the…

Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest. No money was deposited into or withdrawn from the…
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5 votes
Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest.

No money was deposited into or withdrawn from the account.

What was the annual interest rate?

asked
User VivaceVivo
by
8.3k points

1 Answer

5 votes

Answer:

The annual interest rate was $1487.50

Explanation:

All you do is 2975 divided by2=1487.50

answered
User Arctomachine
by
8.0k points
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