% growth rate

Trying to calculate the annual growth rate over 8 years with a starting value of 920 and ending value of 1350

FV=PV[1 + R]^N

1350 =920[1 + R]^8  divide both sides by 920

1.4673913=[1+R]^8 take the log of both sides

0.16654594=8 x [1+R] divide both sides by 8

0.0208182425=[1+R]

[1+R]=10^0.0208182425

1+R =1.04910

R = 1.04910 - 1

R=0.04910 x 100 =4.91%

We have

1350 = 920(1 + r)^8    divide both sides by 920

(1350/920)  = (1 + r)^8        take both sides to the 1/8th power

(1350/920)^(1/8)  = 1 + r     subtract 1 from both sides

(1350/920)^(1/8) - 1  = r  ≈  .0491   ≈  4.91%

Thank you!