SOLUTION: Does anyone know how to solve the compound interest formula for RATE?
Likely we are all familiar with the compound interest formula, thus:
{{{A=(P(1+(r/n))^(n*t))}}}
Where:
Algebra.Com
Question 318347: Does anyone know how to solve the compound interest formula for RATE?
Likely we are all familiar with the compound interest formula, thus:
Where:
A = amount
P = principle
r = rate (percent written as a decimal term)
n = number of compounding periods per year (i.e., quarterly = 4)
t = number of years
One of the tutors was so good as to solve this formula for TIME, thus:
Does anyone know how to solve this formula for the RATE? Stan has $1,500.00 and would quite like to have $5,000 in five years on a compound interest account. What interest rate must he fetch to meet this goal?
Thanks so very much for any reply,
Charlie Bass
Abilene, TX
cfbass@yahoo.com
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
dividing by P ___
taking log ___
dividing by (n*t) ___
reverse log ___
subtracting 1 ___
multiplying by n ___
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