i = monthly interest rate (since it is compunded MONTHLY)
FV = Future Value PV = Present Value
FV = PV(1+i)^n Where n = number of interest periods(MONTHS)
35000 = 10500 (1 +i)^144
35000/10500 = (1+i)^144 Take LOG of both sides
.522878 = 144 log(1+i) Divide both sides by 144
.003631102 = log(1+i) Raise each side to the 10
10^(.003631102) = 1+ i
1.008395971 = 1 + i Subtract 1
.008395971 = i THAT is the MONTHLY rate YEARLY rate would be x 12 = .10075 or 10.075% Annual