Answer:
5.6% to nearest tenth.
Step-by-step explanation:
Amount after 17 years
= 23300 = 9000(1 + r/365)^(17*365) where r = interest rate as a fraction.
(1 + r/365)^(17*365) = 23300/9000 = 2.588889
Taking logs of both sides:
17*365 log (1 + r/365) = log 2.588889
log(1 + r/365) = log 2.588889 / (365*17)
log(1 + r/365) = 0.0000665775
Removing the logs (by taking each side to the base 10) :
1 + r/365 = 1.000153312
r/365 = 0.000153312
r = 0.05596
As a percent this is 5.596%
