Answer:
6.42 %
Step-by-step explanation:
Formula FV = PV ( 1 + i)^n i = periodic interest in decimal
FV = future value PV = present value
n = periods ( years in this case)
3412.23 = 2500 ( 1 + i)^5
3412.23/2500 = (1+i)^5
1.364892 = (1+i)^5
1.0641 = 1+ i
i = .0642 or 6.42 %
