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 No money was deposited into or withdrawn from

Algebra ->  Equations -> 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 No money was deposited into or withdrawn from      Log On


   



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No money was deposited into or withdrawn from the account.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) About Me  (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%