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 12 percent, what was the annual interest rate last year?
Answers:
A) 1 %
B) 1.1 %
C) 9.1 %
D) 10 %
E) 10.9 %

Rationale: "12 = 1.1 * x x = 10.90 % answer e )"
Answer: E