Answer:
9.3%
Step-by-step explanation:
Given data
Principal=$11200
Futute value= $14345
Time= 3years
The simple interest expression is given as
A=P(1+rt)
substitute
14345=11200 (1+r*3)
14345=11200+r33600
14345-11200=r33600
3145=r33600
r= 3145/33600
r=0.093
Hence the rate is 9.3%
