SOLUTION: How would you solve for r in the equation: 1.0201=(1 + r/12)to the 12th power.

Question 28474: How would you solve for r in the equation: 1.0201=(1 + r/12)to the 12th power.
Answer by bmauger(101) (Show Source): You can put this solution on YOUR website!
two ways to solve this, the easiest being to take the twelth root of both sides with your calculator to get:

You can also do it with natural logs, but in this case you end up with a bunch of messy fractions and e^(ln(1.02...)/12), etc.... but at any rate, you should get:
0.019917

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