SOLUTION: Solve for r: 500(1+r)^20=19500

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Question 1004645: Solve for r:
500(1+r)^20=19500
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
500*1+500r^20=19500
500r^20=19500-500
r^20=19000/500
r^20=38
r=20root38
r=1.199

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!
Solve for r:
500(1+r)^20=19500
%281+%2B+r%29%5E20+=+19500%2F500

%281+%2B+r%29%5E20+=+39

1+%2B+r+=+39%5E%281%2F20%29 -------- Taking the 20%5E%28th%29 root, or raising both sides to the %281%2F20%29%5E%28th%29 power

r+=+39%5E%281%2F20%29+-+1 -------- Exact value

highlight_green%28r+=+0.201028%29 -------- Approximate value



Since this appears to be a rate (r), only the positive solution is given