Question 426672
{{{A = P(1 + r)^n}}}
We are given A = $6050, P = $5000, and n = 2 yrs
So we have {{{6050 = 5000(1 + r)^2}}}
Divide by 5000, and take the square root of both sides:
1.1 = 1 + r -> r = 0.1, or 10% annual interest rate