lsDxMdmaddicThc
  • lsDxMdmaddicThc
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.
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
lsDxMdmaddicThc
  • lsDxMdmaddicThc
\[2,147.39 = 1,852.1(1+\frac{ r }{ 12 })^{60}\]
baru
  • baru
\[[(2147.39/1852.1)^\frac{ 1 }{ 60 } - 1] \times 12\] you will need a calculator
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Can you explain the steps involved? I have a calculator. I want to understand how to do that.

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

lsDxMdmaddicThc
  • lsDxMdmaddicThc
I never learned how to deal with exponents in equations, and my teacher isn't providing assistance.
baru
  • baru
you do not know how to get further than this, am i right \[2147.39/1852.1 = (1+ r/12)^6\]
baru
  • baru
sorry the exponant is 60
lsDxMdmaddicThc
  • lsDxMdmaddicThc
I can't eliminate the exponent.
lsDxMdmaddicThc
  • lsDxMdmaddicThc
I don't know how to do the converse of the exponent to the other side of the equation.
baru
  • baru
the trick is: you are allowed to "raise" both sides of the eqation to the same power
lsDxMdmaddicThc
  • lsDxMdmaddicThc
?
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
  • 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
  • baru
i'll explain it differently
baru
  • baru
do u know what it means when I say "square both sides of the equation?" (talking in genral, not this problem)
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Yes a^2 = a^2
baru
  • baru
do you understand if I say "take the square root of both sides"
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Yes \[\sqrt{a} =\sqrt{a}\]
baru
  • baru
now what you should undertand is : \[\sqrt{x+y} = (x+y)^{1/2} \] they mean the same thing
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Okay
baru
  • baru
in this question (i'm simplifying) its something like \[x+y= (a+b)^{60}\]
baru
  • baru
and i'm asking you to take the "sixtieth root on both sides"
baru
  • baru
\[(x+y)^{1/60}=((a+b)^{60})^{1/60}\]
lsDxMdmaddicThc
  • lsDxMdmaddicThc
x+y^(60/1) = (a+b)^60)^60/1
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Err yeah 1/60 Sorry typo
baru
  • baru
not 60/1 its 1/60 square root: 1/2 sixtieth root: 1/60
baru
  • baru
oh lol ok
baru
  • baru
now use the rule \[((a)^{m})^n= (a)^{m \times n}\]
lsDxMdmaddicThc
  • lsDxMdmaddicThc
So 1.1594 ^(1/60) = ((1+r/12)^60)^(1/60)
baru
  • baru
yep
lsDxMdmaddicThc
  • lsDxMdmaddicThc
THANK YOU SO MUCH!!! Are you a Senior in HS?
baru
  • baru
nope...college
lsDxMdmaddicThc
  • lsDxMdmaddicThc
Awesome! Best of luck to you :) Thanks again!
baru
  • baru
sure :)
baru
  • baru
you too

Looking for something else?

Not the answer you are looking for? Search for more explanations.