After 4 months, 4500 deposited in a savings account with simple interest had grown to a total of 4515. What was the interest rate?

Answer: 3%

Step-by-step explanation:

S. I = ptr / 100

Interest = 4515 - 4500

Interest = 15

time = 4 months = 4/12 years = 1/3 years

substituting each value into the equation to find rate, we have

15 = 4500 x 1/3 x r / 100

1500 = 4500 x 1/3 x r

3 (4500) = 4500r

r = 3 (4500) / 4500

r = 3%