SOLUTION: This one has me stumped on how to start. Given the formula A=p(1+r/t)^nt, answer the following problem: Find r given (A)=$95375, (p)=$65,750, and t=15 years with interest compoun

Question 111876: This one has me stumped on how to start. Given the formula A=p(1+r/t)^nt, answer the following problem: Find r given (A)=$95375, (p)=$65,750, and t=15 years with interest compounded monthly. Here's the formula I had after I plug every thing in to the formula: $95375 = $65750 (1+r/12)^(12*15 or 180)
How do I start solving for r?
Found 2 solutions by jim_thompson5910, scott8148:
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the given equation

Divide both sides by 65750

Divide

Now to get rid of the exponent of 180, simply take the 180th root of both sides

Simplify

Take the 180th root of 1.45057034220532

Subtract 1 from both sides

Subtract

Multiply both sides by 12

So the interest rate is approximately 0.0248227596108, or 2.482%

Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
dividing by 65750 gives 95375/65750=(1+r/12)^180

rules of exponents gives (95375/65750)^(1/180)=1+r/12

(((95375/65750)^(1/180))-1)*(12)=r
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