Answer:
7.3%
Step-by-step explanation:
Using the formula for calculating the simple interest to get the rate of return;
Simple Interest = Principal * Rate * Time/100
Given Principal = $450,
Time (in years) = 1 year
Simple interest = $32.75
Rate (in %) =?
Substituting the given values in the given formula to get the rate;
32.75 = 450*1*R/100
450R = 3275
R = 3,275/450
R = 7.3%
The rate of return is 7.3%
