You deposit $1,200.00 into an account and in three years of simple interest you have $1,380. what interest rate are you receiving? decimals allowed, do not round.

Since simple interest doesn't involve compounding, the same amount gets added on every year. So, the equation for the simple interest received is , where is the total interest, is the original deposit (or "principal"), is the interest rate, and is the time passed in years.

Plugging in our values, we can solve for the interest rate: