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- 9 Dec 2012
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1000= (47.5/1.0448)+(47.5/1.0966)+(1047.5/(1+y)^3)
I keep getting 1.1495 for (1+y)^3 but it should be 1.1534
my step
1000-45.46-43.31=(1047.5/(1+y)^3)
911.23=1047.5/(1+y)^3
911.23 (1+y)^3=1047.5
(1+y)^3=1047.5/911.23
(1+y)^3=1.1495
(1+y)=1.1495^1/3
(1+y)=1.047
but answer is (1+y)^3=1.1534
I keep getting 1.1495 for (1+y)^3 but it should be 1.1534
my step
1000-45.46-43.31=(1047.5/(1+y)^3)
911.23=1047.5/(1+y)^3
911.23 (1+y)^3=1047.5
(1+y)^3=1047.5/911.23
(1+y)^3=1.1495
(1+y)=1.1495^1/3
(1+y)=1.047
but answer is (1+y)^3=1.1534