Answer:
Step-by-step explanation:
A = P (1 + rate)^t is the annual compund interest formula
( look it uo to double check me)
solve the formual for rate
A/P = [P (1 + rate)^t] / P
A/P = (1 + rate)^t
(A/P)^1/t = (1 + rate)
[(A/P)^1/t] -1 = (1 + rate) -1 the power (x)^1/t is the same t radical (x)
[(A/P)^1/t] -1 = rate (example 25^(1/2) = √25 both = 5)
rate = [(5750/5000)^(1/2) - 1
= [√(5740/5000)] - 1
= 0.07238
but
the rate% = rate times 100
= (0.07238)(100)
= 7.238% < ---------------- my Final Answer
Please check my algabra and math
