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.

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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) About Me  (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%