Please answer the following question. Show working/formula/explanation where needed.

3. You have been approached by a reputable firm to invest $1,050,000.00, you currently have in the bank, for an expansion project in the firm. The firm offers you that in three (3) years, your initial investment of $1,050,000.00 will grow to $1,500,000.00. Calculate the average annual interest rate of an initial investment of $1,050,000.00, and future value of $1,500,000.00, for 3 years (N)