How would I set this problem up? (Advanced Algebra with Financial Applications)

Sean currently has an account balance of $3,981.04. He opened the account five years ago with a deposit of $3,760.19. If the interest compounds daily, what is the interest rate on the account?

Question

How would I set this problem up? (Advanced Algebra with Financial Applications)

Sean currently has an account balance of $3,981.04. He opened the account five years ago with a deposit of $3,760.19. If the interest compounds daily, what is the interest rate on the account?

anonymous · Answer

I'm sure once I see the correct formula, I could solve it from there, I just need to know which formula to use. I want to use P(1+r/n)^nt but not exactly sure if that is the correct formula

hero · Answer

$$FV = PV(1 + r)^t$$

FV = Future Value
PV = Present Value
  r = interest rate
  t = total number of times compounded 

You're given:
FV = 3,981.04
PV = 3760.19
  t = 365*5

anonymous · Answer

http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

anonymous · Answer

Okay, thanks to both you! I'll let you know if I am stuck (:

anonymous · Answer

Okay, so my answer choices are:

 1.1%

 0.6%

 4.6%

 5.6%

Is 1.1% correct?
@Hero

hero · Answer

Correct.

anonymous · Answer

Sweet thanks!