SOLUTION: Determine the simple interest rate at which 1350 will grow to 1400 in the 3 months. Round your answers to the nearest tenth of percent

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Question 997767: Determine the simple interest rate at which 1350 will grow to 1400 in the 3 months. Round your answers to the nearest tenth of percent
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
From the formula for simple interest,
I = prt
50 = 1350 * r * (3/12) = 1350 * r * .25
200 = 1350r
r = 200/1350 = 14.8%