You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

1. To find the interest, subtract the principal from the balance.

       $618 - $600 = $18

2.Use the simple interest formula and solve for r.

       I = Prt

      18= 600 x r x (1/2)

       r= 0.06 =6%