After 10 months the simple interest earned annually on an investment of $6000 was $769. Find the interest rate to the nearest tenth of a percent.

Simple interest = $769

Principal = $6000

Rate = ?

Time = 10 months (must convert to years if in months) = 10/12 = 0.833

Formula

I = prt

Substitute

769 = 6000 * r * 0.833

769 = 4998r

Divide both sides by 4998

769/4998 = 4998r/4998

0.15386 = r

(to the nearest tenth of a percent) = 0.15

Therefore, your rate is 0.15%.