SOLUTION: If you have $250 in a bank account for 2 years. It earns $7.50 simple interest. What is the annual interest?

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Question 348385: If you have $250 in a bank account for 2 years. It earns $7.50 simple interest. What is the annual interest?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT
7.50=250*R*2
7.5=500R
R=7.50/500
R=.015 OR 1.5% INTEREST.