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Compound interest problem

Question:

In 1974, Johnny Miller won 8 tournaments on the PGA tour and accumulated $304,680 in official season earnings. In 1999, Tiger Woods accumulated $6081912 with a similar record. If Miller had invested his earnings in an account earning compound interest, find the annual interest rate needed for his winnings to be equivalent in value to Tiger Wood's in 1999.

My solution is attached however it's not complete. I don't know how to get ride of the (1 + r)^25 exponent.

Compound interest problem

Hi, Mwork

You were very close to the answer, you just have to raise both sides to the 1/25 power.

$\displaystyle

\frac{6081912}{304680} = (1+r)^{25}

$

$\displaystyle (\frac{6081912}{304680})^{\frac{1}{25}} = (1+r)$

$\displaystyle (\frac{6081912}{304680})^{\frac{1}{25}}-1 = r$

Next time use this formula for the rate

$\displaystyle

r = (\frac{A}{P})^{\frac{1}{n}}-1

$