How do I calculate the annual rate of return on the initial investment?

How do I calculate the other investments that earns an annual return of 1.24%?

Rishi Singh has $3,600 to invest. His investment counselor suggests that Rishi should buy an investment that pays no interest but will be worth $4,500 after 7 years.

a. What average annual rate of return will Rishi earn with thisinvestment?

b. Rishi is considering anotherinvestment, of equalrisk, that earns an annual return of1.24% . Which investment should hemake, andwhy?