Answer:
The annual simple interest is 1.7%
Step-by-step explanation:
We are given I=$17, P=$500, t=2 years
Formula:
SI= PRT
where,
SI = Simple Interest (SI=$17)
P = Principle (P=$500)
R = Rate of interest (R=?)
T = Time (T=2)
Substitute the values into formula
17 = 500 x R x 2
R = 1.7%
Hence, The annual simple interest is 1.7%
