Final answer:
To find the rate, divide the interest by the principal multiplied by the time. Round to the nearest hundredth place. The rate is approximately 2.21%.
Step-by-step explanation:
To find the rate, we can use the formula: Interest = Principal x Rate x Time. Plugging in the given values, we have: 28.67 = 1300 x Rate x 1. Rearranging the formula, we can isolate the rate by dividing both sides of the equation by (1300 x 1). This gives us: Rate = 28.67 / 1300 = 0.02205. Rounding to the nearest hundredth place, the rate is approximately 2.21%.