You deposit $1000 in an account with an annual interest rate of r (in decimal form) compounded monthly. At the end of 5 years, the balance A is A = 1000 (1+r/12)^60 Find the rates of change of A with respect to r when r = 0.09, r = 0.11, and r = 0.13.

You deposit $1000 in an account with an annual interest rate of r (in decimal form) compounded monthly. At the end of 5 years, the balance A is A = 1000 (1+r/12)^60 Find the rates of change of A with respect to r when r = 0.09, r = 0.11, and r = 0.13.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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Question

You deposit $1000 in an account with an annual interest rate of r (in decimal form) compounded monthly. At the end of 5 years, the balance A is

A = 1000 (1+r/12)^60

Find the rates of change of A with respect to r when

r = 0.09,

r = 0.11,

and

r = 0.13.

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