Answer:
3.25%
Step-by-step explanation:
The formula for simple interest is I = PRT, where I = interest earned/paid, P = principal amount deposited or borrowed, R = rate of interest as a decimal, and T = time in years.
I = PRT
585 = (4000)(r)(4.5)
585 = 18,000r
r = 0.0325
Multiply by 100 to get the percentage
0.0325 = 3.25%
