need help solving for i

[michael2math]

i think this is beginning algebra......but please help anyway

200000=14480[(((1+i)^10)-1)/i]

13.812=[(((1+i)^10)-1)/i]

now what? and how do I finish this problem?[/i]

 

[skeeter]

this equation cannot be solved by hand ... you'll have to use technology.

i is approx .07

 

[michael2math]

skeeter,

thanks for the answer....but how did you get .07?

how did you isolate i?

 

[skeeter]

I did not solve this by hand ... I used a calculator.

 

[michael2math]

ok, but how did you input the info into the calculator to get that answer?

 

[skeeter]

Y1 = 14480((1+x)^10 - 1)/x - 200000

looked for where the graph of the above equation crossed the x-axis for values of x between 0 and 1 (because i is obviously a rate of interest) ... refined the search to values of x between 0 and 0.1 ... found the zero to be x = 0.0699342