SOLUTION: A bank deposit paying simple interest grew from an initial sum of $1000 to a sum of $1045 in 9 months. Find the interest rate.

SOLUTION: A bank deposit paying simple interest grew from an initial sum of $1000 to a sum of $1045 in 9 months. Find the interest rate.

Algebra.Com

Question 997798: A bank deposit paying simple interest grew from an initial sum of $1000 to a sum of $1045 in 9 months. Find the interest rate.
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Using I = prt, we need to find r. The interest is $45 and the time is 9/12 = .75 years...so
r = I/pt = 45/(1000 * .75) = .06 = 6%
RELATED QUESTIONS
A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $1900... (answered by rfer)

a bank deposit paying simple interest at the rate of 5%/year grew to a sum of $3100 in 10 (answered by rfer)

Please help me solve this: a bank deposit paying simple interest at the rate of 6% per... (answered by mrjunecarlo1095@ymail.com)

A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $2000... (answered by sudhanshu_kmr)

Find the accumulated amount at the end of 11 months on a $2400 bank deposit paying simple (answered by josmiceli)

find the accumulated amount at the end of eight months on a $2400 bank deposit paying... (answered by robertb)

find the accumulated amount at the end of eight months on a $1200 bank deposit paying... (answered by rfer)

How many days will it take for a sum of $1000 to earn $20 interest if it deposited in a... (answered by Boreal)

WORKSHEET 2 Interest Simple Interest Simple Discount Compound Interest Solve for... (answered by ikleyn)