Answer:
0.05 or 5%
Step-by-step explanation:
The formula for simple interest is as follows:
A = P(1+rt), with A representing the final amount, P representing the initial amount, r being the rate, and t being time. Plugging our values in, we have
5610 = 4400(1+5.5r). We know that 5 years and 6 months is 5.5 because 6 months = 0.5 years
5610 = 4400(1+5.5r)
expand
5610 = 4400 + 24200r
subtract 4400 from both sides to isolate the variable and its coefficient
1210 = 24200r
divide both sides by 24200 to isolate the variable
r = 0.05 or 5% as 0.05 * 100 = 5
