Can someone help me solve this? Not looking for an answer, just an explanation! :)
This is a Compound Interest Formula, I'm being asked to solve for the Interest Rate (represented by r).
2,147.39 = 1,852.1(1+(r/12))^60
I don't know how to isolate r.
Any help is greatly appreciated It's Advanced Algebra with Financial Applications.

- lsDxMdmaddicThc

- katieb

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- lsDxMdmaddicThc

\[2,147.39 = 1,852.1(1+\frac{ r }{ 12 })^{60}\]

- baru

\[[(2147.39/1852.1)^\frac{ 1 }{ 60 } - 1] \times 12\]
you will need a calculator

- lsDxMdmaddicThc

Can you explain the steps involved?
I have a calculator.
I want to understand how to do that.

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## More answers

- lsDxMdmaddicThc

I never learned how to deal with exponents in equations, and my teacher isn't providing assistance.

- baru

you do not know how to get further than this, am i right
\[2147.39/1852.1 = (1+ r/12)^6\]

- baru

sorry the exponant is 60

- lsDxMdmaddicThc

I can't eliminate the exponent.

- lsDxMdmaddicThc

I don't know how to do the converse of the exponent to the other side of the equation.

- baru

the trick is: you are allowed to "raise" both sides of the eqation to the same power

- lsDxMdmaddicThc

?

- lsDxMdmaddicThc

Ohhh I think I know what you mean
Tell me if this is right?
(2,147.39*1,852.1)^60 = (1+r/12)^60

- baru

not quite:
(2,147.39/1852.1)^(1/60) = ((1+r/12)^60)^(1/60)
i'm sorry that must be quite hard to read

- baru

i'll explain it differently

- baru

do u know what it means when I say "square both sides of the equation?" (talking in genral, not this problem)

- lsDxMdmaddicThc

Yes
a^2 = a^2

- baru

do you understand if I say "take the square root of both sides"

- lsDxMdmaddicThc

Yes
\[\sqrt{a} =\sqrt{a}\]

- baru

now what you should undertand is : \[\sqrt{x+y} = (x+y)^{1/2} \] they mean the same thing

- lsDxMdmaddicThc

Okay

- baru

in this question (i'm simplifying) its something like
\[x+y= (a+b)^{60}\]

- baru

and i'm asking you to take the "sixtieth root on both sides"

- baru

\[(x+y)^{1/60}=((a+b)^{60})^{1/60}\]

- lsDxMdmaddicThc

x+y^(60/1) = (a+b)^60)^60/1

- lsDxMdmaddicThc

Err yeah 1/60 Sorry typo

- baru

not 60/1
its 1/60
square root: 1/2
sixtieth root: 1/60

- baru

oh lol ok

- baru

now use the rule
\[((a)^{m})^n= (a)^{m \times n}\]

- lsDxMdmaddicThc

So
1.1594 ^(1/60) = ((1+r/12)^60)^(1/60)

- baru

yep

- lsDxMdmaddicThc

THANK YOU SO MUCH!!!
Are you a Senior in HS?

- baru

nope...college

- lsDxMdmaddicThc

Awesome!
Best of luck to you :)
Thanks again!

- baru

sure :)

- baru

you too

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