document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=36556>Question 36556</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the annual intrest rate\r<BR>\n" );
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document.write( "Principal=$5000<BR>\n" );
document.write( "Balance=$15,399.30<BR>\n" );
document.write( "Time=15 years<BR>\n" );
document.write( "Compounding=daily </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #22466 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=22466\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the annual interest rate <BR>\n" );
document.write( "Principal=$5000<BR>\n" );
document.write( "Balance=$15,399.30<BR>\n" );
document.write( "Time=15 years <BR>\n" );
document.write( "Compounding=daily\r<BR>\n" );
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document.write( "A=P(1+r/n)^(nt)<BR>\n" );
document.write( "15,399.30 = 5000(1+r/365)^(365(15))<BR>\n" );
document.write( "3.07986 = (1+r/365)^(5475)<BR>\n" );
document.write( "Take the log of both sides to get:<BR>\n" );
document.write( "log3.07986 = 5475log(1+r/365)<BR>\n" );
document.write( "8.92294019X10^-5= log(1+r/365)<BR>\n" );
document.write( "Take the anti-log of both sides to get:<BR>\n" );
document.write( "1.00020548=1+r/365<BR>\n" );
document.write( "r/365=0.00020548<BR>\n" );
document.write( "r=0.07499998<BR>\n" );
document.write( "Annual rate is 7.5%<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );