in short..the problem is 7500=5000(1+r/12)^36
i'm down to this part e^.01126 = (1+r/12)
where do i go from here?
thats the right answer but my book does it differently...but at the very end it loses me...
the book does (i'm going to use the book example)
= 1.8 = (1+r/12)60
then use logarithm
=ln 1.8 = 60ln(1+r/12)
=ln1.8/60 = (1+r/12)
=.009796 = (1+r/12)
=(1+r/12) = e^.009796
= 1.009844 <--------
here's where i get stuck...where did they get 1.009844
and then it continues to r/12=1.009844-1 =.1181 also 11.81%
u're answer is right, i just want to understand where they got the 1.00944 from e^.009796?