SOLUTION: Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a total of $750 in simple interest. If he made no additional deposits, what was the annu

SOLUTION: Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a total of $750 in simple interest. If he made no additional deposits, what was the annu

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Question 828813: Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a total of $750 in simple interest.
If he made no additional deposits, what was the annual interest rate on his account?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
750/3=250 per yr
25=/5000=0.05=5%
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