To calculate the interest rate on an investment, we can use the compound interest formula:

$A = P(1 + r)^t$

Where:

• $A$ is the final amount (balance) = 41070,
• $P$ is the initial principal (investment) = 27750,
• $r$ is the interest rate (which we are solving for),
• $t$ is the time in years = 6.

Rearranging the formula to solve for $r$:

$r = \left( \frac{A}{P} \right)^{\frac{1}{t}} - 1$

Let's calculate the interest rate.

The interest rate on your investment is approximately 6.75% per year.

Would you like more details or have any questions? Here are some related questions:

1. What is the difference between simple and compound interest?
2. How would the final amount change if the interest was compounded quarterly?
3. What would be the balance after 10 years at the same interest rate?
4. How does inflation affect the real value of interest earned on investments?
5. Can you calculate interest rates for other periods, like monthly or daily?

Tip: The more frequently interest is compounded, the higher the final balance will be.