Solving for rates what annual rate of return is earned on a $2,800 investment when it grows to $6,100 in eleven years?

To solve use equation:

FVn = 6100 - investment amount after 11 years

PV = 2800 - initial investment amount

n = number of years

Fvn = Pv (1+i) ^n

6100 = 2800 (1+i) ^11

(1+i) ^11 = 6100/2800

(1+1) ^11 = 2.17857143

i = (2.17857143) ^ (1/11) - 1

i = 0.07335

i = 0.07335 x 100

i = 7.34%

The annual rate of return is 7.34%