To solve the problem we have to use the simple interest formula:
[tex]\text{Interest = Initial Money }\times\text{ Percentage }\times\text{ Time}[/tex]In this case, we have to put the time into the year format. Thus,
[tex]\text{79.97= 5000 }\times\text{ Percentage }\times\text{ }\frac{60}{365}[/tex][tex]\text{Percentage = }\frac{79.97}{5000\times\frac{60}{365}}=0.097296[/tex]Answer: The annual percentage rate is 9.7%
