Answer:
We have the formula to get the amount of money after 5 years:
A = Principal x (1 + rate)^year
or
5200 + 2340 = 5200 x (1 + rate)^5
=> (1 + rate)^5 = (5200 + 2340)/5200 = 1.45
=> 1 + rate = 1.077
=> rate = 1.077 - 1 = 0.077 = 7.7%
Hope this helps!
:)
