document.write( "Question 585428: PLZ help!! i dunno if i did this right?\r
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document.write( "Howard put $35,000 into a balanced mutual fund 15 years ago and his investment today is worth $121,587. What was his average annual rate of return?\r
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document.write( "my answer is 16.5% \n" );
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Algebra.Com's Answer #373363 by ankor@dixie-net.com(22740)![]() ![]() You can put this solution on YOUR website! Howard put $35,000 into a balanced mutual fund 15 years ago and his investment today is worth $121,587. \n" ); document.write( " What was his average annual rate of return? \n" ); document.write( "let r = interest rate in decimals \n" ); document.write( "; \n" ); document.write( "35000*(1+r)^15 = 121587 \n" ); document.write( "(1+r)^15 = \n" ); document.write( "(1+r)^15 = 3.4739 \n" ); document.write( "15*log(1+r) = log(3.4739) \n" ); document.write( "log(1+r) = \n" ); document.write( "log(1+r) = ,03054 \n" ); document.write( "find the antilog ( \n" ); document.write( "1 + r = 1.08656 \n" ); document.write( "r = 1.08656 - 1 \n" ); document.write( "r = .08656 which 8.656% rate of return \n" ); document.write( " |