Question

When Katie was born her mother invested $5000 in an account for her college savings. We can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. If Katie has approximately $11,042 in her account after 18 years, what was the interest rate for the account?

A) 3.5%
B) 4.5%
C) 5.5%
D) 6.5%

Answer 1

shouldn't that be (1+r)^t ?