Question

A bank deposit paying simple interest grew from an initial amount of $1000 to $1075 in 9 months, Find the interest rate.

I know the formula is I=Prt. I also know I am looking for r, the interest rate. So here is how I set up my equation.

1075=1000(3/4r) --->* 3/4 is t because I divided 9/12 and simplified it to 3/4.

Did I set up the equation correctly?

Answer 1

Oops not I= Prt I meant A=P(1+rt)

Answer 2

with your correction, you are right

Answer 3

A bank deposit paying simple interest grew from an ini
tial sum of $1000 to a sum of $1075 in 9 months. Find
the interest rate.