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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 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

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
ChapterP: Prerequisites
SectionP.9: Modeling With Equations
Problem 2E: In the formula I=prt for simple interest, P stands for __________, r for _________, and t...
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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.

 

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