document.write( "Question 1121036: You want to buy a new car in four years which will cost you $64000. If you have $50000 in your bank account now, how much is nominal interest rate (compounded annually) to reach your goal? \n" ); document.write( "

Algebra.Com's Answer #736829 by greenestamps(13200) $\"\"$ $\"About$

You can put this solution on YOUR website!

\n" ); document.write( " $\"50000%281%2Bx%29%5E4+=+64000\"$

\n" ); document.write( "Use a graphing calculator or some similar tool to find the answer; or use logarithms:

\n" ); document.write( " $\"%281%2Bx%29%5E4+=+64000%2F50000+=+1.28\"$
\n" ); document.write( " $\"4%2Alog%28%281%2Bx%29%29+=+log%28%281.28%29%29\"$
\n" ); document.write( " $\"log%28%281%2Bx%29%29+=+log%28%281.28%29%29%2F4+=+.0268\"$ (to 4 decimal places; but you want to keep more decimal places to get an accurate answer)
\n" ); document.write( " $\"x+=+10%5E%28.0268%29-1\"$

\n" ); document.write( "You can finish the calculations....
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