If $350 grows to $500 in 3 years, what is the annual interest rate assuming that interest in compounded annually?

350 >>(1+i)>> >>(1+i)>> >>>(1+i)>> 500

|-----------------|-----------------------|----------------------|

time0 1 2 3

You start w 350 and grows to 500 in 3 yrs. The rate is annual that we will call i

so we would have

350 (1+i)^3 = 500

(1+i)^3 =500/350

(1+i)= (500/350)^(1/3)

i= .12624788 (from my phone calculator)

And if you plug this value of i into the original equation it does work