SOLUTION: PLZ help!! i dunno if i did this right? 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

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Question 585428: PLZ help!! i dunno if i did this right?
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?
my answer is 16.5%
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
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.
What was his average annual rate of return?
let r = interest rate in decimals
;
35000*(1+r)^15 = 121587
(1+r)^15 = 121587%2F35000
(1+r)^15 = 3.4739
15*log(1+r) = log(3.4739)
log(1+r) = .54081%2F15
log(1+r) = ,03054
find the antilog (10%5Ex)
1 + r = 1.08656
r = 1.08656 - 1
r = .08656 which 8.656% rate of return