Answer:
5.5% per year
Step-by-step explanation:
Using Formula A = P (1 + rt)
Where
A = Final amount = $10,000 + $6,600 = $16,600
P = Principal = Beginning Amount = $10,000
t = time = 12 years
r = rate in $/year (which we need to find)
Assembling the formula
A = P (1 + rt)
16,600 = 10,000 (1 + 12r)
[tex]\frac{16,600}{10,000}[/tex] = 1 + 12r
1.66 = 1 + 12r
1.66 - 1 = 12r
0.66 = 12 r
r = 0.055 = 5.5%
