Answer:
1.92449%
Step-by-step explanation:
Simple Interest Rate Formula: A = P(1 + r)ⁿ
Step 1: Define variables
Principle amount P = 11000
Total amount A = 11000 + 1100 = 12100
Years n = 5
Step 2: Substitute and Evaluate for r
12100 = 11000(1 + r)⁵
11/10 = (1 + r)⁵
1.01924 = 1 + r
r = 0.019245
Step 3: Convert to percentage
0.019245 × 100 = 1.92449%
