60=(1+i)^13

Question

What interest rate compounded annually does this represent?

600000 = 10000(1+i)^13

Answer 1

600000 = 10000(1+i)^13       What interest rate compounded annually does this represent?

60 = (1+i)^13

Using my calculator to take the 13th root of 60 gives us,

60^(1/13) = 1.37019

Therefore,

1.37019 = 1 + i

Therefore i = 0.37019

Interest rate is 37.019%

Answer 2

Given 60=(1+i)^13
60^{1/13}=1+i
1.3701=1+i
1.3701-1=i
i=0.3701

Interest Rate