# A sum of $6,500 deposited in an account grows to$7,500 in 8 years. Assuming annual compounding, what interest rate is being paid?

$7500 = 6500 \cdot {x}^{8}$
${x}^{8} = \frac{7500}{6500}$
$x = \sqrt[8]{\frac{7500}{6500}}$ = 1.01804854685
ir = $\left(1 - 1.01804854685\right) \cdot 100$ = 1.804854685%