My math problem is about a Finance class, but it is really the math that gets me into trouble. Please see the equation:
I guess the first step would be to get it all to one side of the equation. In particular, I am wondering what to do with the denominators. Can I add them up?
Please note I'm only allowed to use a basic (i.e. non-graphic) calculator.
Nope, you can't raise both sides to the power. To use an example: . If you multiply both sides of your equation by the LCD you will clear the denominator making the equation easier to solve.
Do you know what the LCD of is? Hint: 1+r and (1+r)^2 are both factors of (1+r)^3