Solution
For this case we can use the following formula:
[tex]A=Pe^{rt}^{}[/tex]and for this case we have the following:
P= 12600
A= 7100
t = 9 years
And r is the value that we need to find, so we can do the following:
[tex]12600=7100e^{9r}[/tex]We can do the following:
[tex]\ln (\frac{12600}{7100})=9r[/tex]And we got for r:
[tex]r=\frac{\ln (\frac{12600}{7100})}{9}=0.0637[/tex]And then the rate would be:
6.37%
