document.write( "Question 734180: Hi,my name is Maria.I have tried to follow the book and still do not understand how they come up with the answer.Question is $50 deposited 100years ago has the value of $1600.today. What was the interest rate? I tried to follow the formula of (I+R)^n*amount.I put in different percentages.ex: (1=.06)^100*50=16965.Am I anywhere close to an answer? Please help!!
\n" ); document.write( "Thanks Maria \n" ); document.write( "
Algebra.Com's Answer #448747 by nerdybill(7384)\"\" \"About 
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Question is $50 deposited 100years ago has the value of $1600.today. What was the interest rate? I tried to follow the formula of (I+R)^n*amount.
\n" ); document.write( "\"Simple compound\" interest formula:
\n" ); document.write( "A = P(1 + r)^n
\n" ); document.write( "where
\n" ); document.write( "A is amount ($) after n years
\n" ); document.write( "P is principal (amount started with)
\n" ); document.write( "r is interest rate
\n" ); document.write( "n is time (years)
\n" ); document.write( ".
\n" ); document.write( "Plugging in what was given:
\n" ); document.write( "1600 = 50(1 + r)^100
\n" ); document.write( "now we solve for r:
\n" ); document.write( "1600 = 50(1 + r)^100
\n" ); document.write( "1600/50 = (1 + r)^100
\n" ); document.write( "32 = (1 + r)^100
\n" ); document.write( "32^(1/100) = 1 + r
\n" ); document.write( "1.0353 - 1 = r
\n" ); document.write( ".0353 = r
\n" ); document.write( "or
\n" ); document.write( "3.5% = r\r
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
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