← Find the interest rate for a $5000 deposit accumulating to $5968, compounded annually for 5 years. The interest rate is (Do not round until the final answer. Then round to two decimal places as needed.)

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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Find the interest rate for a $5000 deposit accumulating to $5968, compounded annually for 5 years.
The interest rate is
(Do not round until the final answer. Then round to two decimal places as needed.)
I'
S
√i
S
1.
More
Transcribed Image Text:K Find the interest rate for a $5000 deposit accumulating to $5968, compounded annually for 5 years. The interest rate is (Do not round until the final answer. Then round to two decimal places as needed.) I' S √i S 1. More
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