In 2007, Rachel borrowed $800 from a bank; she has repaid $2,700 after three years. At what rate of compound interest did the bank lend money to Rachel? (Interest is compounded annually). Hint: A = P (1 + r)n A – amount of money paid after n years P – principal amount r – interest rate n – number of years 0.1% 3% 50% 5.5% 8%