Question

Mr. Chen deposited $4000.00 in the bank and received $5000.00 over a 5 year period. What rate of interest did he receive?

Answer 1

Answer:

17.6%

Step-by-step explanation:

(4000+5000) = 4000(1+r)^(5)

r = (9/5)^(.2) - 1

r = .176 = 17.6%