## Answers

Formula to calculate compounding interest rate -

r = n [ (A/P) ^{1/nt} - 1]

r = Interest Rate

n = number of times interest compounded

A = Value of investment

P = Principal

t = Time

r = 2[ (6,704.19/5,000)^{1/2(8)}-1]

r = 3.7 % per year

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