Question

8313.81=3000(1+r/12)^60 how do you get rid of the exponet

Answer 1

Raise both sides to
`\frac1{60}`.


`8313.81=3000\left(1+\frac r{12}\right)^(60)`

`\implies8313.81^(1/60)=3000^(1/60)\left(\left(1+\frac r{12}\right)^(60)\right)^(1/60)`

`\implies1.162=1.143\left(1+\frac r{12}\right)`


`\implies r\approx0.1995`