Please help me with this question and I need explanation/reason clearly. If no explanation given I might have to report. Here's the question:

Bill invests £500 on 1st January 2004 at a compound interest rate of R% per annum(means per year).

The value, £V, of this investment after n years is given by the formula:

V=500*(1.045)^n

a)Write down the value of R.