Answer:
The answer to your question is: r = 0.1
Step-by-step explanation:
Data
P = $4500
A = $9000
t = 9 years
r = rate
Formula
[tex]r = \sqrt[t]{\frac{A}{P}} - 1\\[/tex]
Substitution
[tex]r = \sqrt[9]{\frac{9000}{4500} - 1\\[/tex]
Simplification
[tex]r = \sqrt[9]{2} - 1[/tex]
Result
r = 1.08 - 1
r = 0.08 ≈ 0.1
