Not sure what "effects" you are looking for... But what this means is that if you ever need to find roots of a polynomial of degree five or higher, in most cases you'll have to use approximate solutions. Since polynomials of degree 3 and 4 can be solved, but doing this is quite complicated, approximate solutions are often used in those cases, as well.
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No, it's a cubic equation. A quadratic equation contains, as its term raised to the highest power, a square. Example: x2. A cubic equation contains, as its term raised to the highest power, a cube. Example: x3. A quartic equation contains, as its term raised to the highest power, a term raised to the fourth power. Example: x4. Quintic, x5. And so, on.
A general quintic can be solved using numeric methods. It may be an approximate solution but then even the solution to x2 = 2, in decimal terms, is approximate.
Put simply, the inverse of y=x^5+x^4+x is x=y^5+y^4+y. Unfortunately, this is a quintic function and there is no quintic formula.
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This was first discovered by Evariste Galois not long before his death at the age of 20 in 1832. He found that any polynomial of degree greater than 4 cannot have a general solution in terms of radicals. A field of abstract algebra evolved from his work, and is known as Galois theory.