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$20,000=$17,000(1+r)*5

 Oct 13, 2016
 #1
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$20,000=$17,000(1+r)^5 divide both sides by 17,000

1.17647=(1+r)^5 take the 5th root of both sides

1+r =1.033 subtract 1 from both sides

r =0.033 x 100

r=3.3% 

 Oct 13, 2016
 #2
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                                                      20 000  =  17 000(1 + r)5

Flip sides:                         17 000(1 + r)5  =  20 000

Divide both sides by 17 000:     (1 + r)5  =  20 000 / 17 000

Find the fifth root of both sides:     1 + r  =  (20 000 / 17 000)1/5

Subtract 1:                                             r  =  (20 000 / 17 000)1/5 - 1

Calculator time!

 Oct 13, 2016

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