Answer:
5.503%
Step-by-step explanation:
Assuming that the interest earned is of compounding nature(annual compounding):
[tex]A=P(1+i)^t[/tex] #where t=time, A=Total earned, P=Principal.
#We substitute our known values in the equation to get:
[tex]11349=7800(1+I)^7\\\\1.455=(1+i)^7\\\\(1+i)=1.455^{\frac{1}{7}}=1.05503\\\\i=1.05503-1\\\\i=0.05503[/tex]
Hence the annual rate of interest is 5.503%
