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lsDxMdmaddicThc
 one year ago
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
 one year ago
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.

This Question is Closed

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0\[2,147.39 = 1,852.1(1+\frac{ r }{ 12 })^{60}\]

baru
 one year ago
Best ResponseYou've already chosen the best response.1\[[(2147.39/1852.1)^\frac{ 1 }{ 60 }  1] \times 12\] you will need a calculator

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0Can you explain the steps involved? I have a calculator. I want to understand how to do that.

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0I never learned how to deal with exponents in equations, and my teacher isn't providing assistance.

baru
 one year ago
Best ResponseYou've already chosen the best response.1you do not know how to get further than this, am i right \[2147.39/1852.1 = (1+ r/12)^6\]

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0I can't eliminate the exponent.

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0I don't know how to do the converse of the exponent to the other side of the equation.

baru
 one year ago
Best ResponseYou've already chosen the best response.1the trick is: you are allowed to "raise" both sides of the eqation to the same power

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0Ohhh 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
 one year ago
Best ResponseYou've already chosen the best response.1not 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
 one year ago
Best ResponseYou've already chosen the best response.1i'll explain it differently

baru
 one year ago
Best ResponseYou've already chosen the best response.1do u know what it means when I say "square both sides of the equation?" (talking in genral, not this problem)

baru
 one year ago
Best ResponseYou've already chosen the best response.1do you understand if I say "take the square root of both sides"

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0Yes \[\sqrt{a} =\sqrt{a}\]

baru
 one year ago
Best ResponseYou've already chosen the best response.1now what you should undertand is : \[\sqrt{x+y} = (x+y)^{1/2} \] they mean the same thing

baru
 one year ago
Best ResponseYou've already chosen the best response.1in this question (i'm simplifying) its something like \[x+y= (a+b)^{60}\]

baru
 one year ago
Best ResponseYou've already chosen the best response.1and i'm asking you to take the "sixtieth root on both sides"

baru
 one year ago
Best ResponseYou've already chosen the best response.1\[(x+y)^{1/60}=((a+b)^{60})^{1/60}\]

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0x+y^(60/1) = (a+b)^60)^60/1

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0Err yeah 1/60 Sorry typo

baru
 one year ago
Best ResponseYou've already chosen the best response.1not 60/1 its 1/60 square root: 1/2 sixtieth root: 1/60

baru
 one year ago
Best ResponseYou've already chosen the best response.1now use the rule \[((a)^{m})^n= (a)^{m \times n}\]

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0So 1.1594 ^(1/60) = ((1+r/12)^60)^(1/60)

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0THANK YOU SO MUCH!!! Are you a Senior in HS?

lsDxMdmaddicThc
 one year ago
Best ResponseYou've already chosen the best response.0Awesome! Best of luck to you :) Thanks again!
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