Answer
$r\gt0.0488$
$r\gt4.88$%
Work Step by Step
$A=P(1+r)^2$
$A\gt5500$ when $P=5000$:
$5000(1+r)^2\gt5500$
$(1+r)^2\gt\frac{5500}{5000}$
$(1+r)^2\gt1.1$
$1+r\gt\sqrt {1.1}$
$r\gt\sqrt {1.1}-1$
$r\gt0.0488$
$r\gt4.88$%
Algebra and Trigonometry 10th Edition
by Larson, Ron
Published by
Cengage Learning
ISBN 10:
9781337271172
ISBN 13:
978-1-33727-117-2
Chapter 1 - Review Exercises - Page 154: 117
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