Answer:
9%
Explanation:
Data provided in the question
Future value = $27,600
Present value = $19,533
Time period = 4 years
So the rate of interest is
Future value = Present value × (1 + interest rate)^number of years
$27,600 = $19,533 × (1 + interest rate)^4 years
$27,600 ÷ $19,533 = (1 + interest rate)^4 years
$ 1.411548 = (1 + interest rate)^4 years
After solving this
So, the interest rate is 9%