I'm not sure if this belongs here or not- I am taking a contemporary mathematics course this semester and I missed a day of class. The name of the title is Finding interest rates.
I already have the anwser, just need someone's help explaining how to solve the problem.
For example: Suppose you invest $10,000 on your son's 13th birthday and it accumulates to 15,000 on his 18th birthday. What annual rate of compound interest did this investment earn?
Pv=10,000 fv=15,000 t=5 years answer 8.45%
Please help me.