SOLUTION: how do you solve for x if 83.74 million = 15 million ( 1 - 1/ (1 + x)to the power of 7 all divided by x

Question 214901: how do you solve for x if
83.74 million = 15 million ( 1 - 1/ (1 + x)to the power of 7 all divided by x
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
I can't solve it, but your answer is x = .05998562534 if I interpreted the problem correctly.
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Your formula is present value of a payment where the number of years is 7 and x is the interest rate per year.
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I recognized the formula but no way could I find a way to solve for x.
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I think the computer goes through iterations to solve for the interest rate, rather than solving it directly.
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I suspect logs are involved but was unable to get it into a form where I could apply them.
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present value is 83.74 million
payment is 15 million per year.
number of years is 7
x is the interest rate per year = .05998562535
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I plugged the value of x into your formula and got 83.74 million so I know the value of x is correct.
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Sorry for not being able to solve it.
I hope what I did helped, even if I wasn't able to solve it algebraically.
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