An account had an initial deposit made and then interest was applied once a year at a fixed rate. the amount of money, in dollars, in the account after t years, was 103(1.02) t . what was the annual interest rate?

Amount in compound interest = p(1 + r/t)^nt where p is the initial deposit, r = rate, t = number of compunding in a period and n = period.

Here, Amount after t years = 103(1.02)^t
i.e. 1 + r = 1.02
r = 1.02 - 1 = 0.02
Therefore, annual interest rate = 0.02 x 100 = 2%

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