very interesting
the equation we are given is for when the units of t are in years
I do know that you want to have the variable as time, but I'm not sure if you want it in years or months
I will solve for in months because that makes more sense
in that case, it will be 2250(1+r)^m where r=monthly interest rate and m=time in months
to compare, we can do
when 1 year has elapsed, t=1 and m=12
and the amount earned should be the same
so therfor we can say
[tex]2250(1.17)^1=2250(1+r)^{12}[/tex]
divide both sides by 2250 to make it easier
[tex]1.17^1=(1+r)^{12}[/tex]
[tex]1.17=(1+r)^{12}[/tex]
take 12th root of both sides
[tex]\sqrt[12]{1.17}=1+r[/tex]
minus 1 both sides
[tex]-1+\sqrt[12]{1.17}=r[/tex]
using a calculator
-1+1.01316961=r
0.01316961=r
not sure if yu want percent to thousandth or decimal to thousandth
if decimal then 0.013 is interest rate
if percent then it is 1.317% interest rate
