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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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      Log On

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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) About Me  (Show Source):
You can put this solution on YOUR website!
750/3=250 per yr
25=/5000=0.05=5%