Results 1 to 2 of 2

Math Help - Trial and Error only ?

  1. #1
    Newbie
    Joined
    Dec 2010
    Posts
    9

    Trial and Error only ?

    Hi ! I'm trying to solve this problem. Though I get around to solving it by trial and error. The answer btw is 4.61 % ... But I am wondering ... Can this problem be solved other than trial and error method ?

    Problem:
    A piece of machinery can be bought for $10,000 cash, or for $2,000 downpayment and payments of $750 per year for 15 years. What is the annual interest rate for the time payments ?
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor
    Joined
    Dec 2007
    From
    Ottawa, Canada
    Posts
    3,080
    Thanks
    66
    Only by trial/error; known as "numerical solution":
    suggest you google "numerical solution" ; or "iteration".
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Bernoulli Trial help
    Posted in the Advanced Statistics Forum
    Replies: 1
    Last Post: December 17th 2011, 06:47 AM
  2. Replies: 5
    Last Post: August 10th 2010, 02:00 AM
  3. question and trial
    Posted in the Number Theory Forum
    Replies: 1
    Last Post: August 10th 2010, 12:42 AM
  4. Just a trial.
    Posted in the LaTeX Help Forum
    Replies: 2
    Last Post: February 28th 2010, 09:33 AM
  5. Replies: 1
    Last Post: April 21st 2009, 10:40 PM

Search Tags


/mathhelpforum @mathhelpforum