SOLUTION: Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest. No money was deposited into or withdrawn from

SOLUTION: Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest. No money was deposited into or withdrawn from

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Question 1170206: Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.
No money was deposited into or withdrawn from the account.
What was the annual interest rate?
Enter your answer in the box.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt
262.5=3000*r*3.5
r=262.5/10500
=0.025 or 2.5%
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