The compound interest become 25%.
According to the statement
we have to find the interest rate with the help of the given statement.
So, For this purpose, we know that the
Compound interest is the interest calculated on the principal and the interest accumulated over the previous period.
So, from the given information:
A = $13,389; P = $10,500; t = 48 months
And the now, the amount took as the interest rate amount which is:
Amount took as the interest rate amount = $13,389 - $10,500
Amount took as the interest rate amount = 2889
Now, the Amount took as the interest rate amount per year = 2889/4
The Amount took as the interest rate amount per year = 722.25
Now, the rate of interest become:
Rate of interest become = 722.25/2889*100
Rate of interest become = 25%.
So, The compound interest become 25%.
Learn more about compound interest here
https://brainly.com/question/24924853
#SPJ9
