SOLUTION: How do I solve for r in the following problem.... (1+r)^10 = 1.34

Algebra ->  Equations -> SOLUTION: How do I solve for r in the following problem.... (1+r)^10 = 1.34      Log On


   

Question 595452: How do I solve for r in the following problem....
(1+r)^10 = 1.34
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
How do I solve for r in the following problem....
(1+r)^10 = 1.34
:
Use common logs
log((l+r)^10) = log(1.34)
:
log equiv of exponents, find the log of 1.34
10*log(1+r) = .1271
log(1+r) = .1271%2F10
log(1+r) = .01271
:
Find the 10%5Ex of both sides
1 + r = 1.0297
r = 1.0297 - 1
r = .0297
:
:
Check this on your calc: enter 1.0297^10 results: 1.34
:
Think you can handle this now?