Calculate the simple interest rate. (Round your answer to one decimal place.)

P = $7600, I = $540, t = 1 year

The "t" in your equation is unnecessary as the interest is fixed at $540 ( per $7600 ) each year with simple interest.

As dantheman0506 answered, the interest is 7.1%. 540 / 7600 = .0711.

7.1%

Calculate the simple interest rate. (Round your answer to one decimal place.)

P = $7600, I = $540, t = 1 year