Answer:
5.5%
Step-by-step explanation:
To solve this problem we can use a modified version of the simple interest formula which is shown below:
<em>I = interest amount</em>
<em>P = principal amount</em>
<em>t = time (years)</em>
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The first step is to find the interest gained from the investment.
Next, plug in the values into the equation:
Multiply the bottom values
Divide the values
The last step is to convert 0.055 into a percent:
The interest rate is 5.5%
