Question

2700=2300(1+r)^5 solve for r Please show all work

Answer 1

`2700=2300(1+r)^5\\ \\ (1+r)^5=(2700)/(2300)\\ \\ (1+r)^5=(27)/(23)\\ \\ \sqrt[5]{(1+r)^5}= \sqrt[5]{(27)/(23)}\\ \\ 1+r= 1.032\\ \\ r=1.032-1\\ \\ \boxed{r=0.032}`

Answer 2

`2700=2300(1+r)^5\ /:2300\\\\(1+r)^5= (27)/(23) \ \ \ \Rightarrow\ \ \ 1+r= \sqrt[5]{ (27)/(23)} \ \ \ \Rightarrow\ \ \ r= \sqrt[5]{ (27)/(23)} -1\\\\ r= \sqrt[5]{ (27\cdot23^4)/(23^5)}-1= \frac{ \sqrt[5]{ 27\cdot23^4} }{23} -1= \frac{ \sqrt[5]{7555707} }{23} -1`