SOLUTION: What is the annual simple interest rate when $561 interest is earned on $2200 over 3 years?

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Question 756926: What is the annual simple interest rate when $561 interest is earned on $2200 over 3 years?
Answer by sachi(548) About Me  (Show Source):
You can put this solution on YOUR website!
I(interest)=P(principle)*R(rate of int)*T(time)/100
or 561=2200*R*3/100=66R
or R=561/66=8.5 %