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).

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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).
Transcribed Image Text: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).
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