SOLUTION: how do I work out the answer to this equation 1/r-1/[r(1+r)^t] in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r

Question 474969: how do I work out the answer to this equation 1/r-1/[r(1+r)^t] in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r is 8% and the time in years t is 70. i think the answer is 12.4428. but in what form of maths do i work it out in. please help thank you
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Work out the answer to this equation (1/r)-(1/[r(1+r)^t]) in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r is 8% and the time in years t is 70. i think the answer is 12.4428.
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(1/0.08) - (1/[0.08(1.08)^70](
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= 12.5 - 1/[0.08*218.61]
---
= 12.5 - 0.0572
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= 12.4428
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Cheers,
Stan H.
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