Answer:
11.75%
Step-by-step explanation:
The formula for Simple Interest is given as:
I = PRT
Where in the question
I = Interest = $,1762.5
P = Principal = $5,000
T = Time= 3 years
R = Simple Interest rate ??
To solve for R, the formula is given as:
R = I/PT
R = $1,762.5/5,000 × 3
R = 0.1175
Converting to percentage
= 0.1175 × 100
= 11.75%
