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Hey there :)
We all know the formula of simple interest
I = prt { You can take a look at the picture attached to see what each stands for }
Given are initial amount invested → $15000
period of time → 2 years
Amount after 2 years → $16099.44
I = Amount as final - Initial
= $1099.44
We need to find the interest
1099.44 = 15000( 2 ) r
1099.44 = 30000r
r = 0.036648
Rate as percentage = 0.036648 x 100 = 3.6648%
The interest rate of the account is 3.6648%
We all know the formula of simple interest
I = prt { You can take a look at the picture attached to see what each stands for }
Given are initial amount invested → $15000
period of time → 2 years
Amount after 2 years → $16099.44
I = Amount as final - Initial
= $1099.44
We need to find the interest
1099.44 = 15000( 2 ) r
1099.44 = 30000r
r = 0.036648
Rate as percentage = 0.036648 x 100 = 3.6648%
The interest rate of the account is 3.6648%