Finance

how do you take the fourth root? Please refer to the example below?

Using Amount = Present Value(1+i)^n
we do not know i.

249=183(1+i)^4
1.3606557=(1+i)^4
take the fourth root
1.0800331=1+i
giving you i=0.0080031
so the annual rate is 8%

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asked by Albert

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