SOLUTION: What annual rate of return is earned on a $4,000 investment when it grows to $9,600 in eight years? Round to nearest 1 decimal place

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Question 386715: What annual rate of return is earned on a $4,000 investment when it grows to $9,600 in eight years? Round to nearest 1 decimal place
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
9600+=+4000%281+%2B+r%29%5E8;
9600%2F4000+=+%281%2Br%29%5E8;
root%288%2C9600%2F4000%29+=+1+%2B+r;
r+=+root%288%2C9600%2F4000%29+-+1, or
11.6 %, to 1 decimal place.