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0
184
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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
 #1
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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

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