To find: The annual rate of interest after one year.
The annual rate of interest after one year is 7.5%.
The invested amount is $3500 and the interest received after 1 year is $262.50.
Let the rate of interest is x.
Tabulate the given information into the language of algebra.
|In words||In Algebra|
|Rate of interest||x|
|Rate of interest at amount $3500||3500x|
Model the equation for the above information.
Simplify the above equation for x,
Thus, the annual rate of interest after one year is 7.5%.
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