1100 = (1444.88) / (1+r)^5. Solve for r

Brandon bought a government savings bond for $1100. He was told that when the bond can be cashed in 5 years that he would get $1444.48. If the interest on the bond is compounded annually, what is the interest rate on the bond?

Please show your solution! + 10 points!

Solve for r, multiply both sides by (1+r)^5: (1 + r)^5 * 1100 = 1444.88

Divide 1100 to each side: (1 + r)^5 = 1444.88/1100

Take the fifth root to each side: 1 + r = (1444.88/1100)^(1/5)

Subtract 1 to each side: r = (1444.88/1100)^(1/5) - 1

Use a calculator to get a value of r: r = 0.056

Interest rate is usually in percentage form so r = 5.6%

(1100)((1+r)^5 = 1444.88

(1+r)^5 = 1444.88/1100

square root each side by 5
1.313

1+r = 1.05
r = 1.05 -1 =0.05