Find r, given the following: A = P(1+r/n)^nt....and: 10550 = 5150 (1 + r/360)^360*19.

#tkhunny

Question

Find r, given the following: A = P(1+r/n)^nt....and: 10550 = 5150 (1 + r/360)^360*19. 

#tkhunny

anonymous · Answer

In short, I just need to find out how to create a new equation from this one.

anonymous · Answer

I've tried once, but to no avail (i.e. I got the wrong answer)

tkhunny · Answer

Divide by 5150

2.0485436893203883495145631067961 = (1 + r/360)^{6840}

Find the 6840th root (raise to the 1/6840 power).  You could also introduce logarithms.

1.0001048489385532660135203782234 = 1 + r/360

Can you finish.

anonymous · Answer

Right, the first step kinda goes without saying. Wait... just tried this:

((1.0001048489385532660135203782234)^(1/6840)-1)*360

anonymous · Answer

Which is apparently wrong. So, in short, no, I'm sorry, but I can't finish the problem myself.

tkhunny · Answer

No, that's crazy.  Where dod you even get that?

Subtract 1

1.0484893855326601352037822344391e-4 = r/360

Multiply by 360

r = 0.03774561787917576486733616043981

Sorry, I was just dumping decimal places. I'll let you worry about thr rounding rules.

anonymous · Answer

Right...I also tried that, actually...but it didn't accept that answer either....*_*

anonymous · Answer

Okay...I only have one attempt left...I give up on this one. Thank you for your help though!