SOLUTION: 2500= 1000(1+r)^10

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Question 460001: 2500= 1000(1+r)^10
Answer by Gogonati(855) About Me  (Show Source):
You can put this solution on YOUR website!
Dividing both sides by 1000 we get:2.5=%281%2Br%29%5E10
Taking the tenth root of both sides we get: %282.5%29%5E%281%2F10%29=1%2Br or
r=%282.5%29%5E%281%2F10%29-1 => r=0.096 => r=9.6%.