Lochlan has a savings account. The total balance, y, after any number of years, t, can be found using the equation y= 5000(x)^t, where x is equal to 1 plus the annual interest rate. The total balance in the account is currently $6,203.74, and Lochlan has had the account for 5 1/2 years. What is the annual interest rate?

(This is one of the example my teacher used in class but I couldn't understand how he solved it. Can you solve it and provide a specific step-by-step explanation?)