Answer:
We can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where A is the ending amount, P is the principal (starting amount), r is the interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the time in years.
We know P = $5700, A = $6100, n = 1 (since the interest is compounded annually), and t = 12. We can solve for r:
$6100 = $5700(1 + r/1)^(1*12)
$6100/$5700 = (1 + r)^12
1.0702 = (1 + r)^12
log(1.0702) = log[(1 + r)^12]
0.0291 = 12log(1 + r)
0.00243 = log(1 + r)
10^(0.00243) = 1 + r
r = 0.0059 or 0.59%
Therefore, the interest rate of the savings account is 0.59%.