If q < p the limit becomes
limn→∞ p (1 + (q/p)n )1/n = p limn→∞ (1 + (q/p)n )1/n = p
This because it can be shown that limn→∞ ( 1 + zn )1/n =1 (for z < 1)
A little experimentation with a calculator can verify this. The analytic approach involves taking the log and then using
L' Hospital's rule.
If q > p then the limit is q.
If q = p, the limit is p (which is equal to q)