Find the interest rate required for an investment of $5000 to grow to $6100 in 5 years if interest is compounded quarterly

Answer 1

6100 = 5000(1 + r/12)⁶⁰

1.22 = (1 + r/12)⁶⁰

1.0033 ≈ 1 + r/12

0.0033 ≈ r / 12

0.0398 ≈ r