Question

Kevin deposited $7,030 in a savings account with simple interest. One year later, the account held $7,170.60. What was the interest rate?

Answer 1

Answer: The Interest rate was 1.4%

Step-by-step explanation:

7,170.60 - 7030 = 140.60

140.60 / 100 = 1.406

1.4%

Disclaimer: If I am wrong plz feel free to comment the correct answer in the comment section.