Exponential Function Solution Equation - Decay (Discrete, Mis-matched Time Units) Scenario to Rate

Question

Rearrange the exponential equation to solve for  for the rate given this scenario?

A charitable endowment starts with $500. Each daily it disburses a certain percent of its remaining funds. After 6 years its funds have decreased to $0.

Accepted Answer

$$r = -(\frac{0}{500})^{ \frac{1}{6 \cdot 365} } - 1$$

Answer

$$r = +(\frac{0}{500})^{ \frac{1}{\frac{6}{365}} } + 1$$

Answer

$$r = -(\frac{0}{500})^{ \frac{6 \cdot 365}{2} } - 1$$

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Exponential Function Solution Equation - Decay (Discrete, Mis-matched Time Units) Scenario to Rate

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