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Suppose you invest $250 at the end of each year for 10 years at an annual interest rate of r. The accumulated amount of money in your account after 10 years is given by 250((1 + r)¹⁰ − 1) - r A(r) = 1. Are there any values of r for which the function A is discontinuous? Why? = 2. How much money will you accumulate after 10 years if the interest rate is r = 0.01 (i.e., 1%)? If it is r = 0.10 (i.e., 10%)? 3. If your goal is to have $3500 in your account after 10 years, show that there is an interest rate r in the interval (0.01, 0.10) that allows you to reach your financial goal. (You do not need to find the interest rate.) Fully explain your reasoning.

Suppose you invest $250 at the end of each year for 10 years at an annual interest rate of r. The accumulated amount of money in your account after 10 years is given by 250((1 + r)¹⁰ − 1) - r A(r) = 1. Are there any values of r for which the function A is discontinuous? Why? = 2. How much money will you accumulate after 10 years if the interest rate is r = 0.01 (i.e., 1%)? If it is r = 0.10 (i.e., 10%)? 3. If your goal is to have $3500 in your account after 10 years, show that there is an interest rate r in the interval (0.01, 0.10) that allows you to reach your financial goal. (You do not need to find the interest rate.) Fully explain your reasoning.

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...
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Suppose you invest $250 at the end of each year for 10 years at an annual interest rate of r. The accumulated amount of money in your account after 10 years is given by 250((1 + r)¹⁰ − 1) r A(r) 1. Are there any values of r for which the function A is discontinuous? Why? = 2. How much money will you accumulate after 10 years if the interest rate is r = 0.01 (i.e., 1%)? If it is r= 0.10 (i.e., 10%)? 3. If your goal is to have $3500 in your account after 10 years, show that there is an interest rate r in the interval (0.01,0.10) that allows you to reach your financial goal. (You do not need to find the interest rate.) Fully explain your reasoning.
Transcribed Image Text:Suppose you invest $250 at the end of each year for 10 years at an annual interest rate of r. The accumulated amount of money in your account after 10 years is given by 250((1 + r)¹⁰ − 1) r A(r) 1. Are there any values of r for which the function A is discontinuous? Why? = 2. How much money will you accumulate after 10 years if the interest rate is r = 0.01 (i.e., 1%)? If it is r= 0.10 (i.e., 10%)? 3. If your goal is to have $3500 in your account after 10 years, show that there is an interest rate r in the interval (0.01,0.10) that allows you to reach your financial goal. (You do not need to find the interest rate.) Fully explain your reasoning.
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