The annual interest rate earned by an investment increased by 10 percent from last year to this year. If the annual interest rate earned by the investment this year was 1 percent, what was the annual interest rate last year?
Choose the correct option
A) 1%
B) 1.1%
C) 9.1%
D) 10%
E) 10.8%
let i = interest rate   i(this year) = i(last year) + 0.10i(last year) = 1.1i(last year)   1 = 1.1 x i(last year)   i(last year) = 1/1.1 = 10/11 = 0.90909...   or i(last year) = 0.91%   ANSWER:9.1%
<result>C</result>
The annual interest rate earned by an investment increased by 10 percent from last year to this year. If the annual interest rate earned by the investment this year was 1 percent, what was the annual interest rate last year?