Answer:
4.5%
Step-by-step explanation:
Solving our equation
r = 108 / ( 480 × 5 ) = 0.045
r = 0.045
converting r decimal to a percentage
R = 0.045 * 100 = 4.5%/year
The interest rate required to
accumulate simple interest of $ 108.00
from a principal of $ 480.00
over 5 years is 4.5% per year.
