15,000 =(1+r) 3500+24000 How do I find what is interest (r)? Please provide an breakdown of calculation.

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15,000 =(1+r) 3500+24000 How do I find what is interest (r)? Please provide an breakdown of calculation.
b)
Income Y1: $15,000
Income Y2: $24,000
Consumption, C1: $11,500
Consumption, C2: $15,000
Savings in Period 1: Y1 - C1 = 15,000 – 11,500 = 3500
C2 = (1+r)S +Y2
15000 = (1+r)3500 + 24000
%3D
Transcribed Image Text:b) Income Y1: $15,000 Income Y2: $24,000 Consumption, C1: $11,500 Consumption, C2: $15,000 Savings in Period 1: Y1 - C1 = 15,000 – 11,500 = 3500 C2 = (1+r)S +Y2 15000 = (1+r)3500 + 24000 %3D
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