What is the interest rate needed for an investment of 7000 to grow to an amount of 9500 in 3 years if interest is compound monthly?

The formula to calculate the present amount including compound interest is,

A = P(1 + r/n)nt , where P is the principal amount, r is the annual rate expressed as a decimal , t is the number of years, and n is number of times per year that interest is compounded.

9500 = 7000(1 + r/12)^(12 x 3) = 7000(1 + r/12)^36

Then, (1 + r/12)^36 = 9500 / 7000 = 1.3571429 approx

(1 + r/12) = 36√1.3571429 ≅ 1.0085189

r/12 = 0.0085189

r = 12 x 0.0085189 ≅ 0.1022268

Then the required interest rate is 10.223% (3dp)