document.write( "Question 1137956: Ricky Wow invested $20 000 and the interest was compounded bi-monthly. If this sum
\n" ); document.write( "amounts to $30 000 after 3.5 years, what is the interest rate?
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Algebra.Com's Answer #755816 by josmiceli(19441) $\"\"$ $\"About$

You can put this solution on YOUR website!
$\"+A+=+A%5B0%5D%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+\"$
\n" ); document.write( " $\"+30000+=+20000%2A%28+1+%2B+r%2F24+%29%5E%2824%2A3.5%29+\"$
\n" ); document.write( " $\"+1.5+=+%28+1+%2B+r%2F24+%29%5E84+\"$
\n" ); document.write( "Take the log of both sides
\n" ); document.write( " $\"+log%28+1.5+%29+=+84%2Alog%28%28+1+%2B+r%2F24+%29%29+\"$
\n" ); document.write( " $\"+.17609+%2F+84+=+log%28%28+1+%2B+r%2F24+%29%29+\"$
\n" ); document.write( " $\"+.0020963+=+log%28%28+1+%2B+r%2F24+%29%29+\"$
\n" ); document.write( " $\"+1+%2B+r%2F24+=+10%5E.0020963+\"$
\n" ); document.write( " $\"+1+%2B+r%2F24+=+1.0048386+\"$
\n" ); document.write( " $\"+r%2F24+=+.0048386+\"$
\n" ); document.write( " $\"+r+=+.1161+\"$
\n" ); document.write( "11.6%
\n" ); document.write( "check the math and get another opinion if needed
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