Answer:
7% per year
Step-by-step explanation:
The formula for Simple Interest rate is given as:
r = (1/t)(A/P - 1)
Where:
t = time in years = 9 years
P = Initial amount invested = $2300
A = Total amount after t years
= Interest + Principal
= $2300 + $1449
= $3749
r = (1/9) × ($3749/$2300 - 1)
r = 0.07
Converting r decimal to R a percentage
R = 0.07 * 100 = 7%/year
