+0  
 
0
42
1
avatar

Need to solve i

 

1878846,63 = 1000[(1+i)300-1]

                               i

 

Formula F = x[(1+i)n-1]

                            i

 

Thank you

Guest Jun 14, 2017
Sort: 

1+0 Answers

 #1
avatar
0

Unfortunately, young person, there is no DIRECT solution to your problem! However, iteration and interpolation can be used to home in on the interest rate. After doing that a few times I came up with the monthly interest rate of 1%, or 12% compounded monthly.

Check: FV = 1,000 x {[1.01^300 - 1] / 0.01}

             FV = 1,000 x        1,878.84663.........

             FV = $1,878,846.63

Guest Jun 14, 2017

18 Online Users

avatar
avatar
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.  See details