a=10000*(1.06)^8
a=15938.48
so 15938.48=8000(1+I)^8
15938.48/8000=(1+I)^8 divide both sides by 8000
1.99^(1/8)=1+I take the eight root of each side (or raise it to the 1/8 power--same thing)
1.09-1=I subtract 1 from each side
.09=I or 9%
hm
So the formula is a=p (1+I)^n
The question is: Two investors, sam snd nolan invest different amounts of money at the same time for an 8 year period. Sam invests 10000 at 6% per year andbher final amount is given by the formula a=10000 (1.06)^8. Nolan was only able to invest 8000 and end up with the same amount at the end. His final amount can be modelled as: a=8000 (1+I)^8
Determine the value of I for Nolan and the yearly intrest rate his money earnedbto allow this to happen.
Can someone show me step by step how to solve this? I've been tryinf for a day and I cannot for the life of me get it. Thank you!
