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.

Hey! We 've verified this expert answer for you, click below to unlock the details :)

I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!

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

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

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

Looking for something else?

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