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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.

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  1. lsDxMdmaddicThc
    • one year ago
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    \[2,147.39 = 1,852.1(1+\frac{ r }{ 12 })^{60}\]

  2. baru
    • one year ago
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    \[[(2147.39/1852.1)^\frac{ 1 }{ 60 } - 1] \times 12\] you will need a calculator

  3. lsDxMdmaddicThc
    • one year ago
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    Can you explain the steps involved? I have a calculator. I want to understand how to do that.

  4. lsDxMdmaddicThc
    • one year ago
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    I never learned how to deal with exponents in equations, and my teacher isn't providing assistance.

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

  6. baru
    • one year ago
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    sorry the exponant is 60

  7. lsDxMdmaddicThc
    • one year ago
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    I can't eliminate the exponent.

  8. lsDxMdmaddicThc
    • one year ago
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    I don't know how to do the converse of the exponent to the other side of the equation.

  9. baru
    • one year ago
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    the trick is: you are allowed to "raise" both sides of the eqation to the same power

  10. lsDxMdmaddicThc
    • one year ago
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    ?

  11. lsDxMdmaddicThc
    • one year ago
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    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

  12. baru
    • one year ago
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    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

  13. baru
    • one year ago
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    i'll explain it differently

  14. baru
    • one year ago
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    do u know what it means when I say "square both sides of the equation?" (talking in genral, not this problem)

  15. lsDxMdmaddicThc
    • one year ago
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    Yes a^2 = a^2

  16. baru
    • one year ago
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    do you understand if I say "take the square root of both sides"

  17. lsDxMdmaddicThc
    • one year ago
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    Yes \[\sqrt{a} =\sqrt{a}\]

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

  19. lsDxMdmaddicThc
    • one year ago
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    Okay

  20. baru
    • one year ago
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    in this question (i'm simplifying) its something like \[x+y= (a+b)^{60}\]

  21. baru
    • one year ago
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    and i'm asking you to take the "sixtieth root on both sides"

  22. baru
    • one year ago
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    \[(x+y)^{1/60}=((a+b)^{60})^{1/60}\]

  23. lsDxMdmaddicThc
    • one year ago
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    x+y^(60/1) = (a+b)^60)^60/1

  24. lsDxMdmaddicThc
    • one year ago
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    Err yeah 1/60 Sorry typo

  25. baru
    • one year ago
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    not 60/1 its 1/60 square root: 1/2 sixtieth root: 1/60

  26. baru
    • one year ago
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    oh lol ok

  27. baru
    • one year ago
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    now use the rule \[((a)^{m})^n= (a)^{m \times n}\]

  28. lsDxMdmaddicThc
    • one year ago
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    So 1.1594 ^(1/60) = ((1+r/12)^60)^(1/60)

  29. baru
    • one year ago
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    yep

  30. lsDxMdmaddicThc
    • one year ago
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    THANK YOU SO MUCH!!! Are you a Senior in HS?

  31. baru
    • one year ago
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    nope...college

  32. lsDxMdmaddicThc
    • one year ago
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    Awesome! Best of luck to you :) Thanks again!

  33. baru
    • one year ago
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    sure :)

  34. baru
    • one year ago
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    you too

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