1000 = 500(P/F, i*,3) +1500(P/F, i*,5)
Okay, so I refuse to accept the fact that I have to guess a starting point through interpolation to find the interest to satisfy the above question.
Could someone please solve the above through interpolation, or maybe explain how I can make an educated guess for the first interest rate, and then ultimately find the true interest value through Trial and Error Approach???
Thanks!
Okay, so I refuse to accept the fact that I have to guess a starting point through interpolation to find the interest to satisfy the above question.
Could someone please solve the above through interpolation, or maybe explain how I can make an educated guess for the first interest rate, and then ultimately find the true interest value through Trial and Error Approach???
Thanks!