Answer:
[tex]x=\sqrt[4]{3}-1[/tex] or [tex]x=0.316[/tex]
Step-by-step explanation:
To write this equation you would need to use this equation for growth.
Final amount=initial amount (1+growth rate)^time
We have the final amount, 15,000, the initial amount, 5,000, and the time, 4 years. Now we have to plug in the values. We can write the growth rate as x.
[tex]15,000=5000(1+x)^4[/tex]
Now start by dividing both sides by 5000.
[tex]\frac{15000}{5000} =(1+x)^4[/tex]
[tex]3=(1+x)^4[/tex]
Now you can find the fourth root of both sides to get rid of the exponent.
[tex]\sqrt[4]{3} =1+x[/tex]
Finally, subtract 1 from both sides.
[tex]x=\sqrt[4]{3}-1[/tex]
And, if allowed, you can use a calculator to find the value in decimal form which would be:
[tex]x=0.316[/tex]
