SOLUTION: how do I work out the answer to this equation 1/r-1/[r(1+r)^t] in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r

Algebra ->  Coordinate Systems and Linear Equations  -> Lessons -> SOLUTION: how do I work out the answer to this equation 1/r-1/[r(1+r)^t] in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r      Log On


   

Question 474969: how do I work out the answer to this equation 1/r-1/[r(1+r)^t] in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r is 8% and the time in years t is 70. i think the answer is 12.4428. but in what form of maths do i work it out in. please help thank you
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Work out the answer to this equation (1/r)-(1/[r(1+r)^t]) in the equation r is the annual interest rate and t is th length of time in years,in this case the interest rate r is 8% and the time in years t is 70. i think the answer is 12.4428.
---------------
(1/0.08) - (1/[0.08(1.08)^70](
----
= 12.5 - 1/[0.08*218.61]
---
= 12.5 - 0.0572
------------
= 12.4428
===============
Cheers,
Stan H.
===============