Use the formula for the simple interest
[tex]I=p\cdot r\cdot t[/tex]I= interest
p= initial deposit
r=rate
t= time
clear the equation for r
[tex]\frac{I}{p\cdot t}=r[/tex]replace data in the formula
[tex]\begin{gathered} \frac{1960}{7000\cdot4}=r \\ \frac{1960}{28000}=r \\ 0.07=r \end{gathered}[/tex]pass the decimal to percentage
7%
the interest rate is 7%
