Li deposited $17,500 into a bank account that earned simple interest each year. After 2 years, he had earned $2975 in interest. No money was deposited into or withdrawn from the account.

What was the annual interest rate?

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 8.5%

Step-by-step explanation:

Formula : Simple interest = (Principal) x (annual interest rate) x (Time)    (i)

Given: Principal : P = $ 17,500

Time : 2 years

Simple interest : I = $ 2975

Let r = annual

Hence, The annual interest rate was 8.5%.

10

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