Answer:
The interest rate for the account is [tex]10.30\%[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=9\ years\\ P=\$78,170\\ A=\$150,606.59\\r=?[/tex]
substitute in the formula above and solve for r
[tex]150,606.59=78,170(1+9r)[/tex]
[tex]9r=(150,606.59/78,170)-1[/tex]
[tex]r=0.9267/9=0.1030[/tex]
convert to percentage
[tex]0.1030*100=10.30\%[/tex]
