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SQL Math Function

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marydn

marydn

Programmer
Mar 26, 2001
152
US
Can anyone tell me how I can solve the following problem with SQL built-in functions:

I have a lease that is for $1,000 it has 5 year terms and increases 15% at the start of each new 5 year term. So after the first 5 years it will increase to $1,150. What I need to know is the average annual percentage increase over the 5 year term. I know I can round it to 3%, but that number is not exact. Unfourtunately my math skills are almost as poor as my spelling skills.

Any help would be appreciated.

M.
 
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The answer is 2.834672% / year.

The equation to be solved is

[tt]
1150 = (1 + r)
 
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Sorry ... hit Submit by mistake

The answer is 2.834672% / year.

The equation to be solved is

1150 = (1 + r)5

where "r" is the annual rate expressed as a fraction (for example 2% is 0.02)


 
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