Li deposited $17,500 into a bank account that earned simple interest each year. after 2 years, he had earned $2975 in interest.

if no money was deposited into or withdrawn from the account, what was the annual interest rate?

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answer:

8.5

step-by-step explanation:

solution: i=prt. first, we have to find the interest / i. in the question is asked: '' he had earned $2975 in interest" so we know that the interest/ i is $2,975.       $2,975= $17,500/p*r*2/t in years   (substitute)                                                     $2,975= 35,000r                             (multiply)                                               $2,975/35,000= $35,000r/$35,000 (divide each side by $35,000)                           $2,975/$35,000=0.085                                                                                           covert the decimal 0.085 to a percent. to do so multiply the decimal by 100   0.085*100= 8.5, add the percent sign and you got the answer 8.5%                           li's annual interest rate is 8.5% (we were finding the rate/r)

answer:

step-by-step explanation: