can someone solve this for me to find the ineterest rate. 3,981.04= 3,760.19(1+x/365)^5*365 Not sure what i am doing wrong... I get confused when I get to the exponeent and eliminating it.

Question

can someone solve this for me to find the ineterest rate. 3,981.04= 3,760.19(1+x/365)^5*365  Not sure what i am doing wrong... I get confused when I get to the exponeent and eliminating it.

tkhunny · Answer

Just algebra.  Why are you getting stuck?

3,981.04= 3,760.19(1+x/365)^5*365

1.0587337 = (1+x/365)^1825

1.000031273696 = 1 + x/365

I'm not seeing a problem.  Couple more items to clear up.

anonymous · Answer

hat did you do with the exponenet?

anonymous · Answer

exponent* @tkhunny

anonymous · Answer

I need to solve for x....

tkhunny · Answer

Well, if you can't do it with those last two steps, you are in the wrong class.

You need an exponent button on your calculator.

1.0587337 = (1+x/365)^(5*365)

(1.0587337)^(1/5) = (1+x/365)^(365)

1.011480110 = (1+x/365)^(365)

1.011480110^(1/365) = (1+x/365)

1.00003127368 = 1 + x/365

Solve away!

anonymous · Answer

I'm honestly clue less as to what you did.....

anonymous · Answer

I'm extremely onfused and I just want to cry....

tkhunny · Answer

4 = x^2 ==> 4^(1/2) = x

12 = x^3 ==> 12^(1/3) = x

17 = x^5 ==> 17^(1/5) = x

5 = x^7 ==> 5^(1/7) = x

You DO need to know your exponent rules.

1.75 = x^52 ==> 1.75^(1/52) = x

1.003 = x^365 ==> 1.003^(1/365) = x

These are all the same.