If $9000 grows to $9720 in 2 years find the simple interest rate.

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If $9000 grows to $9720 in 2 years find the simple interest rate.

Simple interest formula is Initial Balance * (1 + tn) = Current Balance
We have

• Initial Balance = 9000
• Current Balance = 9720
• n = 2

Plugging in these values, we get:
9000 * (1 + 2t) = 9720

Divide each side by 9000
1 + 2t = 1.08

Subtract 1 from each sdie
2t = 0.08

Divide each side by 2
t = 0.04 or 4%