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If an IRA is a variable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial investment of $1500 is 0.01 Sw What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about $ (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about s

If an IRA is a variable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial investment of $1500 is 0.01 Sw What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about $ (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about s

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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If an IRA is a varlable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial Investment of $1500 is 1500 1 + 00 What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about s (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about $
Transcribed Image Text:If an IRA is a varlable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial Investment of $1500 is 1500 1 + 00 What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about s (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about $
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