[tex]\begin{gathered} \text{Annual interest rate (i) = (1+}\frac{r}{n})^n-1 \\ i=\text{ (1+}\frac{0.059}{1})^1-1 \\ i=\text{ }(1+0.059)-1 \\ i=\text{ 0.059} \\ I\text{ =i}\times100 \\ I=\text{ 0.059}\times100 \\ I\text{ = 5.9\%} \\ \text{The annual interest rate for the account is 5.9\%} \end{gathered}[/tex]
