Principal of 1700 is invested at 8.2% simple interest, paid annually for 7 years. What is the rate of return? Select one: a. 75% b. 63% C. 36% d. 57%

## Step 1: Calculate the total interest earned.<br />### The simple interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal, $r$ is the rate, and $t$ is the time. In this case, $P = \$1700$, $r = 0.082$, and $t = 7$. Therefore, $I = 1700 \times 0.082 \times 7 = \$975.80$.<br /><br />## Step 2: Calculate the rate of return.<br />### The rate of return is the total interest earned divided by the principal, expressed as a percentage. Rate of Return $= \frac{I}{P} \times 100\% = \frac{975.80}{1700} \times 100\% \approx 57.4\%$.