## 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.

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

2. baru

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

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

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

5. baru

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

6. baru

sorry the exponant is 60

I can't eliminate the exponent.

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

9. baru

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

?

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

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

i'll explain it differently

14. baru

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

Yes a^2 = a^2

16. baru

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

Yes $\sqrt{a} =\sqrt{a}$

18. baru

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

Okay

20. baru

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

21. baru

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

22. baru

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

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

Err yeah 1/60 Sorry typo

25. baru

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

26. baru

oh lol ok

27. baru

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

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

29. baru

yep

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

31. baru

nope...college

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

33. baru

sure :)

34. baru

you too

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