Answer:
1.7%
Step-by-step explanation:
Simple interest (I) is calculated as
I = [tex]\frac{PRT}{100}[/tex] ← substitute values for I, P and T
17 = [tex]\frac{500(2)R}{100}[/tex] ( multiply both sides by 100 to clear the fraction )
1700 = 1000R ( divide both sides by 1000 )
1.7 = R
The rate of interest is 1.7%
