Answer:
Rate: 11%
Step-by-step explanation:
Interest formula.
Interest = Principal * Rate * Time
121 = 1100 * r * 1
Simplify equation to equal 121/1100 = r
There the rate is equal to 121 divided by 1100 which is 0.11.
To get the percent multiply my 100.
There the rate is 11%.
Proof:
1100 * 11 percent is equal to $121.
