Answer:
Annual interest rate is 8.4 %
Step-by-step explanation:
[tex]Net amount =227.5\cdot5\cdot12\\=$13650[/tex]
Now for calculating interest rate we use the formula : [tex]Amount=principle(1+rate\cdot time)\\13650=9500(1+rate\cdot 5)\\rate=0.086\\annual rate = 0.086\cdot100\\rate=8.6 \approx 8.4[/tex]
So, annual interest rate = 8.4 %