SOLUTION: How would you solve for r in the equation: 1.0201=(1 + r/12)to the 12th power.

Algebra ->  Numeric Fractions Calculators, Lesson and Practice -> SOLUTION: How would you solve for r in the equation: 1.0201=(1 + r/12)to the 12th power.      Log On


   

Question 28474: How would you solve for r in the equation: 1.0201=(1 + r/12)to the 12th power.
Answer by bmauger(101) About Me  (Show Source):
You can put this solution on YOUR website!
1.0201=%281%2Br%2F12%29%5E12 two ways to solve this, the easiest being to take the twelth root of both sides with your calculator to get:
root%2812%2C+1.0201%29=root%2812%2C+%281%2Br%2F12%29%5E12%29
root%2812%2C+1.0201%29=%281%2Br%2F12%29
12%28root%2812%2C+1.0201%29-1%29=r


You can also do it with natural logs, but in this case you end up with a bunch of messy fractions and e^(ln(1.02...)/12), etc.... but at any rate, you should get:
0.019917


%281%2B.019917%2F12%29%5E12=%281.00165975%29%5E12=1.020100