Step-by-step explanation:
Simple interest (SI) = $ 630
Time (T) = 9 years
Principal (P) = $ 1000
Rate (R) = ?
We know
[tex]si = \frac{ptr}{100} \\630 = \frac{1000 \times 9 \times r}{100} \\ 630 = 90r \\ r \: = \frac{630}{90} \\ = 7\%[/tex]
Therefore the rate of interest is 7%.
Hope it will help :)❤
