document.write( "Question 962644: At what rate do we have to invest $1900 for 4 years compounded monthly
\n" ); document.write( "to obtain a final amount of $2250? \n" ); document.write( "

Algebra.Com's Answer #588194 by josmiceli(19441) $\"\"$ $\"About$

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$\"+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28+n%2At+%29+\"$
\n" ); document.write( " $\"+n+=+12+\"$
\n" ); document.write( " $\"+t+=+4+\"$
\n" ); document.write( " $\"+P+=+1900+\"$
\n" ); document.write( " $\"+A+=+2250+\"$
\n" ); document.write( "---------------
\n" ); document.write( " $\"+2250+=+1900%2A%28+1+%2B+r%2F12+%29%5E%28+12%2A4+%29+\"$
\n" ); document.write( " $\"+1.18421+=+%28+1+%2B+r%2F12+%29%5E48+\"$
\n" ); document.write( "Take the log of both sides
\n" ); document.write( " $\"+.073429+=+48%2Alog%28+1+%2B+r%2F12+%29+\"$
\n" ); document.write( " $\"+.0015298+=+log%28+1+%2B+r%2F12+%29+\"$
\n" ); document.write( " $\"+10%5E.0015298+=+1+%2B+r%2F12+\"$
\n" ); document.write( " $\"+1.0035287+=+1+%2B+r%2F12+\"$
\n" ); document.write( " $\"+r%2F12+=+.0035287+\"$
\n" ); document.write( " $\"+r+=+.042344+\"$
\n" ); document.write( "The rate is 4.23%
\n" ); document.write( "check:
\n" ); document.write( " $\"+1.18421+=+%28+1+%2B+r%2F12+%29%5E48+\"$
\n" ); document.write( " $\"+1.18421+=+%28+1+%2B+.042344%2F12+%29%5E48+\"$
\n" ); document.write( " $\"+1.18421+=+%28+1+%2B+.003529+%29%5E48+\"$
\n" ); document.write( " $\"+1.18421+=+1.18421+\"$
\n" ); document.write( "OK\r
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

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