Answer:
19.4%
Step-by-step explanation:
Using the compound interest relation :
A = P(1 + r)^t
A = final amount ; r = rate ; t = time ; P = amount invested
8500 = 5000(1 + r)^3
8500 / 5000 = (1 + r)^3
1.7 = (1 + r)^3
Take the cube root of both sides
1.1935 = 1 + r
1.1935 - 1 = r
r = 0.1935
r in % = 0.1935 * 100% = 19.35%
= 19.4%
