Answer:
7% per year
Step-by-step explanation:
r = rate
t = time (in years)
a = principal + interest (total amount)
p = principal amount
formula r = (1/t)(A/P - 1)
r = (1/4)((1216/950) - 1) = 0.07
r = 0.07
Converting r decimal to R a percentage
R = 0.07 * 100 = 7%/year
