Answer:
$14,917.30
Step-by-step explanation:Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. Here,
I = Interest amount paid in a specific time period (month, year etc.)
P = Principle amount (the money before interest)
t = Time period involved
r = Interest rate in decimal
Step 2: Once you put all the values required to calculate your interest rate, you will get your interest rate in decimal. Now, you need to convert the interest rate you got by multiplying it by 100. For example, a decimal like .11 will not help much while figuring out your interest rate. So, if you want to find your interest rate for .11, you have to multiply .11 with 100 (.11 x 100).
