Try Yourself $-$ Question $2$

What annual rate is required for an investment to grow by $33\%$ in $5$ years if

interest compounds $82$ times per year?

A$.6\mathrm{.}12\%$

B$.6\mathrm{.}04\%$

$5\mathrm{.}92\%$

D$.5\mathrm{.}87\%$

E$.5\mathrm{.}71\%$

First use $i=(\frac{FV}{PV}{)}^{\frac{1}{n}}-1.$ Then use $i=\frac{\text{a}\text{n}\text{n}\text{u}\text{a}\text{l}\text{r}\text{a}\text{t}\text{e}}{c}.$