SOLUTION: Can you please help me solve this? 7.66= 5.4(1+i) to the power of 6 i=6% Can you please explain how to get to the i value? Thank you

Algebra ->  Finance -> SOLUTION: Can you please help me solve this? 7.66= 5.4(1+i) to the power of 6 i=6% Can you please explain how to get to the i value? Thank you      Log On


   

Question 1061463: Can you please help me solve this?
7.66= 5.4(1+i) to the power of 6
i=6%
Can you please explain how to get to the i value? Thank you
Found 3 solutions by Alan3354, solver91311, MathTherapy:
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
The i value is 6%, probably the interest rate.
That's stated.
6% = 0.06

Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!








Note: Using base 10 logarithms but any base can be used.









The rest is just calculator work

John

My calculator said it, I believe it, that settles it

Answer by MathTherapy(10553) About Me  (Show Source):
You can put this solution on YOUR website!
Can you please help me solve this?
7.66= 5.4(1+i) to the power of 6
i=6%
Can you please explain how to get to the i value? Thank you
7.66+=+5.4%281+%2B+i%29%5E6

7.66%2F5.4+=+%281+%2B+i%29%5E6 ------------- Dividing both sides by 5.4

%287.66%2F5.4%29%5E%281%2F6%29+=+%281+%2B+i%29%5E%286+%2A+%281%2F6%29%29 ----- RAISING each side to the %281%2F6%29%5E%28th%29 power to get rid of exponent, 6

matrix%281%2C3%2C+%287.66%2F5.4%29%5E%281%2F6%29%2C+%22=%22%2C+1+%2B+i%29