Answer:
The rate of interest is 9%.
Step-by-step explanation:
Given that the formula for simple interest is I = (P×R×T)/100 where I represents interest, P is principle, R is rate interest and T is number of years. So you have to substitute the values into the formula :
[tex]i = \frac{prt}{100} [/tex]
[tex]let \: i = 360,p = 4000,t = 1[/tex]
[tex]360 = \frac{4000 \times r \times 1}{100} [/tex]
[tex]36000 = 4000r[/tex]
[tex] \frac{36000}{4000} = r[/tex]
[tex]r = 9[/tex]
