Question

Solve the equation to find r in 2315.25=2000(1+r/100)(1+r/100)(1+r/100)

Answer 1

let (1+r/100)=y

⇒2315.25=2000*y³

⇒y=∛(2315.25/2000)

⇒1+r/100 = 1.05

⇒r=5