SOLUTION: a gift of $5000.00 to a city grew to 3,000,000 in 200 years. at what interest rate compounded annually would this growth occur?The interest rate would be what %?

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Question 42322: a gift of $5000.00 to a city grew to 3,000,000 in 200 years. at what interest rate compounded annually would this growth occur?The interest rate would be what %?
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
P%28a%29+=+a%281+%2B+r%29%5E%28t%29
3000000+=+5000%281+%2B+r%29%5E%28200%29
600+=+%281+%2B+r%29%5E%28200%29
600%5E%281%2F200%29+=+1+%2B+r
600%5E%281%2F200%29+-+1+=+r
About 0.0325, so about 3.3%.