Answer:
Compound Interest Formula Solved For Rate:
log (1 + rate) = {log(total) -log(Principal)} ÷ Years
log (1 + rate) = {log(5,800) -log(5,000)} ÷ 5
log (1 + rate) = [3.7634279936 -3.6989700043] / 5
log (1 + rate) = 0.0644579893 / 5
log (1 + rate) = 0.0128915979
Then we raise 10 to the power of 0.0128915979 which equals
1.0301289629 = 1 + rate
Therefore, rate = .0301289629 and we multiply by 100 to make a percentage:
3.01289629 %
Source: https://1728.org/compint2.htm
https://1728.org/compint.htm
Step-by-step explanation:
