SOLUTION: Hello, I am trying to solve for the rate
980(1+r)^20 = 3725.37
I know the answer is 6.9% but I can't figure out how to get the answer on my own, any help would be greatly app
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Question 118249This question is from textbook investments
: Hello, I am trying to solve for the rate
980(1+r)^20 = 3725.37
I know the answer is 6.9% but I can't figure out how to get the answer on my own, any help would be greatly appreciated.
This question is from textbook investments
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
980(1+r)^20 = 3725.3
(1+r)^20 = 3.8013
Take the 20th root of both sides to get:
1+r = 1.0690
r = 0.0609
r = 6.09%
=============
Cheers,
Stan H.
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