Answer:the interest rate is 2.81%
Step-by-step explanation:
Initial amount that would be in Kody Berry's account is $35,500
Total amount that would be in Kody Berry's account after 3 years is $38,500
This means that the interest would be
38,500 - 35,500 = $3000
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time
From information given,
P = 35500
T = 3 years
I = 3000
Therefore
3000 = (35500 × R × 3)/100
3000 = 1065R
R = 3000/1065 = 2.81%
