A bank deposit paying simple interest grew from an initial sum of $1,000 to a sum of $1,045 in 9 mo. Find the interest rate.
A) The interest rate is 7%/year.
B) The interest rate is 6%/year.
C) The interest rate is 7.2%/year.
D) The interest rate is 5.5%/year.

Question

A bank deposit paying simple interest grew from an initial sum of $1,000 to a sum of $1,045 in 9 mo. Find the interest rate. ​
A) The interest rate is 7%/year.
B) The interest rate is 6%/year.
C) The interest rate is 7.2%/year.
D) The interest rate is 5.5%/year.

Quizplus · Accepted Answer

The Answer of A bank deposit paying simple interest grew from an initial sum of $1,000 to a sum of $1,045 in 9 mo. Find the interest rate. ​
A) The interest rate is 7%/year.
B) The interest rate is 6%/year.
C) The interest rate is 7.2%/year.
D) The interest rate is 5.5%/year.

A Bank Deposit Paying Simple Interest Grew from an Initial