The future value of a 200 deposit in an account that earns 6.25% annual interest is $272.71 after 5 years. Determine the compounding period for this investment.
This is what I have done:
$272.71= 200 (1+ (0.0625/x))^x $
$1.36355= (1+ (0.0625/x))^x $
I am unsure on how to solve for x now, because it is in two places. Any help?