SOLUTION: you put 1500 in a simple interest savings account two years later the total account balance is 1665 what is the interest rate of the savings account

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Question 1104430: you put 1500 in a simple interest savings account two years later the total account balance is 1665 what is the interest rate of the savings account
Answer by josgarithmetic(39613) About Me  (Show Source):
You can put this solution on YOUR website!
Compounding or not?
Assuming no compounding:

1500%2B1500r%2B1500r=1665
1500%2B3000r=1665
3000r=165
r=165%2F3000
r=0.055

5.5% simple interest per year, for two years