Calculate the interest rate (r) using the compound interest formula, given P=M2,000, FV=M2,721, and t=4 years.

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Question 2:

Step 1: Identify the given values.
Present Value ($P$) = M2,000
Future Value ($FV$) = M2,721
Time ($t$) = 4 years

Step 2: Use the compound interest formula and substitute the values.

$$FV = P(1 + r)^t$$ $$M2,721 = M2,000(1 + r)^4$$

Step 3: Isolate $(1 + r)^4$.

$$\frac{M2,721}{M2,000} = (1 + r)^4$$ $$1.3605 = (1 + r)^4$$

Step 4: Take the 4th root of both sides to find $(1 + r)$.

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