Andrew thinks he has a good thing going. He invests $8,000 with the firm Dewey, Cheatham, and Howe, purchasing a CD (certificate of deposit) that after 10 years will be worth $11,200. The trouble is, Andrew did not consult his investment advisor before putting his money down, and this sneaky company has locked him into an investment that pays simple interest, not compound interest, on his principal.

What percent is the company's yearly interest rate? Round to the nearest whole number and do not include units in your answer.

Question

Andrew thinks he has a good thing going. He invests $8,000 with the firm Dewey, Cheatham, and Howe, purchasing a CD (certificate of deposit) that after 10 years will be worth $11,200. The trouble is, Andrew did not consult his investment advisor before putting his money down, and this sneaky company has locked him into an investment that pays simple interest, not compound interest, on his principal.

What percent is the company's yearly interest rate? Round to the nearest whole number and do not include units in your answer.