You deposit $500 in an account that earns simple interest. The difference between the total interest earned after 3 years and the total interest earned after 1 year is $30. What is the annual interest rate? please show formula as well

p.a.

Step-by-step explanation:

The formula for simple interest is ( interest, principal, rate)

First, let's express the interest earned in one and three years:

(finding the interest earnt in one year)

(finding the interest earnt in three years)

From the information "The difference between the total interest earned after 3 years and the total interest earned after 1 year is $30", we can write:

p.a.

∴ The annual interest rate is

Hope this helps :)

47 - 90 = 43

43 - 180 = x

x = 137