Cyril plans to invest $5500 in a money market account that pays interest compounded annually. a. Write a formula for the balance, B in Cyril's account after two years as a function of the interest rate, r. B = 5500(1+1/100)^2 b. If Cyril would like to have $6000 in two years, what interest rate must the account pay? r = 4.6 c. Use your calculator to graph the formula for Cyril's account balance. Locate the point on the graph that corresponds to the amount in part (b).
Cyril plans to invest $5500 in a money market account that pays interest compounded annually. a. Write a formula for the balance, B in Cyril's account after two years as a function of the interest rate, r. B = 5500(1+1/100)^2 b. If Cyril would like to have $6000 in two years, what interest rate must the account pay? r = 4.6 c. Use your calculator to graph the formula for Cyril's account balance. Locate the point on the graph that corresponds to the amount in part (b).
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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