Are you sure that you posted the correct statement.
For one: . It is much more complicated.
I don't think it is a pre-algebra/elementry algebra question.
What level question is this?
To make the subject of the following equation, these are my workings
1. Add 1 to both sides
2. Open the brackets so that
3. Then multiply both sides by to give
4. And then finally
The answer in the book though is
But I don't understand why I was supposed raise to the power of 12 when I multiplied by in step 3
OK this is the problem word for word and is included in a series of essential maths exercises all of which I got right except for this one. The binominal expansion theorem has not been mentioned thus far in the text book, so I'm guessing I wrote the problem wrong and am missing something obvious.
When interest is paid by monthly instalments, at a nominal rate of the actual rate of interest (the annual percentage rate) is
Express the nominal rate as a function of .
My workings and the answer are as per the OP.