can someone solve this equation correctly the answer should

can someone solve this equation correctly? the answer should be 6 percent.

Solution

We have

(1+y)^8 = 1.59489633

It can be written in following manner

(1+y) = (1.59489633)^(1/8)

Or (1+y) = 1.060087119

Or y = 1.060087119 - 1

Or y = 0.060087119 or 6.0087119%

Therefore the value of y is 6%. (rounding off to nearest whole number)