Answer
6.333 percent
Work Step by Step
Recall, I=Prt, where I is interest, P is the principle (the amount of money invested), r is the rate (which equals the original percentage divided by 100) and t is the time, in years. (Note, we call x the percent interest needed, which is what we want to find.
$95=(1500)(x/100)(1)$
$ \\\\ 95=15x \\\\x=6.333 $
6.333% is what the student needs the interest to be.
