Answer:
The annual interest rate is 8 %. ( approx )
Explanation:
Since, the future value of an investment,
[tex]A=P(1+r)^t[/tex]
Where,
P = invested amount,
r = rate per period,
t = number of periods,
Here, A = $ 2, P = $ 1, t = 9,
[tex]\implies 2 = (1+r)^9[/tex]
[tex]\implies r=0.08005973\approx 0.08[/tex]
Hence, the annual rate of interest is approximately 8 %.
