George inkling withdrew $550 simple interest from an account after 5 years. if he invested $3,437.50, how much was his rate of interest?

His rate of interest(R) = 3.2%.

Explanation:

As per the given condition we have,

Interest withdrew(I)=$ 550 , Time(T)= 5 years , and the sum invested (P) = $3,437.50.

Use formula:

Substituting the above values to find the rate of interest (R);

or

On simplify we get;

R =3.2%

therefore, his rate of interest(R) is, 3.2%.

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