Interest rate?..........?

Question

A sum of $5000 deposited on an account grows to $7000 in 5 years.assuming compouding annualy what interest rate per year being paid ?plz help

Answer 1

poster on is correct but in the future just type how to calculate money into yahoo and it will give you the formulas to figure money!!!!

Answer 2

7000 / 5000 = 1.4

So now take the 5th root of 1.4 on your calculator.  almost 7%.  

Now, doublecheck.

5000 X 1.07 x 1.07 x 1.07 x 1.07 x 1.07 = 7012.76, so yup.