SOLUTION: a=p(1+r/n)^nt 5000=250(1+r/4)^40 ? I don't know where to go from here.

Question 185731: a=p(1+r/n)^nt
5000=250(1+r/4)^40
? I don't know where to go from here.
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I'm assuming that you want to solve for "r" right? If so, then I'll start where you left off.

Start with the given equation

Divide both sides by 250

Reduce

Take the 40th root of both sides (this is probably where you got stuck)

Evaluate the 40th root of 20 to get roughly 1.0778

Subtract 1 from both sides.

Subtract

Multiply both sides by 4 to isolate "r"

Multiply

So the answer is which means that the interest rate is 31.12% (just multiply by 100 to get a percentage)
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