If the bank deposit paying simple interest grew from an initial amount of $1100 to $1265 in 6 months, then the interest rate is 30%
The initial amount = $1100
The final amount = $1265
So simple interest = 1265-1100
= $165
Time period = 6 months = 6/12 years
We know
Simple interest I = P×r×t
Where P is the initial amount
r is the interest rate
t is the time period
Substitute the values in the equation
165 = 1100×r×(6/12)
165 = 550×r
r = 165/550
r = 0.3
r = 30%
Hence, If the bank deposit paying simple interest grew from an initial amount of $1100 to $1265 in 6 months, then the interest rate is 30%
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